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Old 30-04-2009, 07:50 AM   #12
Wally
XP Coupe
 
Join Date: Jan 2005
Posts: 2,098
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Quote:
Originally Posted by PURSUIT-250
You make this sound so simple, then why hasn't this happend already ?

If it is so when will it happen, and what is every one sweating about ?

Cheers Mick.
It's widely tipped to be around early June. It hasn't happened yet because the Govt and GM don't want it to happen yet. The bondholders and creditors are being given every opportunity to do the swaps, and the unions are making sure they are looked after, suppply chain is being consolidated, etc. Chapter 11 can be like a filter, where you enter the front door with toxic debt and walk out the backdoor with the poison left behind. The downside to this is that the specialised creditors who get burned may cease to exist or refuse to extend credit and services in the future.

Who is sweating it out?
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