After receiving $13.4 billion from the Federal Government (in loans) General Motors is still considering possible Chapter 11 bankruptcy. General Motors is now seeking $30 billion from the government to save it from Chapter 11. However, over the last three years GM has increased its losses to an wooping $82 billion.

GM’s $82 billion in debt comes from recurring losses from operation, stockholders’ deficit, and cash flow matters. Currently GM shares have fallen 18%.

GM has until March 31, 2009 to produce a restructuring plan. This restructuring plan is reported to include laying off 47K workers, along with closing 5 U.S. plants.

General Motors Official Statement of the Forthcoming Chapter 11 Bankruptcy — “If we fail to do so for any reason, we would not be able to continue as a going concern and could potentially be forced to seek relief through a filing under the U.S. Bankruptcy Code.”

For more information go to GM Auditors Raise the Specter of Chapter 11

To see GM’s current stock stats go to GM Stock Quote

Tweet This Post  Buzz This Post  Delicious This Post  Digg This Post  Stumble This Post 

Other Resources

• Bank Of America Branch Closings
• Obama Small Lending Business A New Initiative
• Selling and Buying A House Alternatives
• USA Today Newspaper