GM To Declare Bankruptcy Monday, Chief Restructuring Official Named [Carpocalypse]

[Feedman]

http://cache.gawker.com/assets/images/jalopnik/2009/05/GM_Logo.jpgGeneral Motors (http://jalopnik.com/tag/general-motors/) will declare bankruptcy Monday morning at around 6:00 am, before the markets open. Additionally, the Obama Administration has put turnaround expert Al Koch (http://jalopnik.com/tag/al-koch/) in charge of turning the company around. Fritz Henderson (http://jalopnik.com/tag/fritz-henderson/) will remain as the GM chief.

Al Koch is managing director of AlixPartners, a business consulting company involved in restructuring. He was placed in charge of K-Mart, the largest retail bankruptcy in U.S. History, and successfully guided the company out of the bankruptcy.

In order to reassure Americans, President Obama will hold a press conference at noon on Monday to announce the progress. The bankruptcy will involve the Treasury spending another $30.1 billion to keep GM in operations during the bankruptcy, which will give the government 72.5% of the restructured company.

[Detroit News (http://detnews.com/article/20090531/AUTO01/905310324/GM-bankruptcy-filing-expected-6-a.m.-Monday)]

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[daveb91]

The guy who saved K mart I mean REALLY?????

[Chaos_cb7]

30.1 billion that's roughly 99 dollars for every person in the US. seriously let them burn in the fire they created with there own hands. Let some import company just buy them out so we can stop wasting money on poeple who bought one too many private islands.

[daveb91]

Save them and get rid of the top managment. Keep the cars with potential and develop the interesting cars instead of just leaving them in the concept stage.