Obama auto officials to visit Detroit; GM auditors doubt automaker's viability
The Obama administration's top auto advisers will travel to Detroit next week to meet with all three domestic carmakers, auto industry sources said. News of the meeting comes as GM disclosed in its annual report today that there is "substantial doubt" about the company's viability and that bankruptcy is possible unless the automaker can implement a broad restructuring plan, according to a regulatory filing today.
If GM gets to fill Chp 11 no strings attached because of this, it will be the best thing to have happened in a long time for the company. They'll finally be able to cut the Unions.
The only thing I'm worried about in GM filing Chp 11 is, what will happen to the suppliers who still have yet to recieve money from GM? Would GM filing Chp 11 set off a wave of Chp 11/7 filings by suppliers?