NASCAR DAD GM Going Into Bankruptcy : Ch 11
Must cut labor costs, reduce debt, shed dealerships (40%), drop brands (Pontiac), and close factories. Wipe out $27 billion in debt and bondholders get only 10%.... Posted on 5/25/09 at 11:09 AM
The first four, five and maybe even 10 cars some of us have owned probably wouldn’t add up to the $4,500 the government offered to trade in and buy a new energy-efficient vehicle in its “Cash for Clunkers” program.
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