GM, Chrysler race to finish plan as deadline looms

[gustav129]

http://news.yahoo.com/s/ap/20090217/ap_on_bi_ge/autos_bailout

DETROIT – General Motors Corp. and Chrysler LLC, racing to finish restructuring plans to present to the federal government, are unlikely to complete deals with debtholders and union workers by the government-imposed deadline on Tuesday.

Both automakers were making progress in concession talks with debtholders and the United Auto Workers Union, and negotiations between GM and the union ran all night into Tuesday morning, a person briefed on the talks said Tuesday.

But final deals may not come until after the deadline passes, according to others who also were briefed on the situation. GM said Tuesday morning it scheduled a news conference for 6 p.m. to discuss its restructuring plans.

The status of Chrysler talks was not known early Tuesday.
.....


Doesn't look good for those two, and from reasding the whole article, sounds like the UAW are stalling.

[Brian]

so is there going to be any "penalties" for being late?

[MaRbLe]

They are asking for MORE money!!!!

Seriously if you run a business and you suck at it then you go under. If we give them more money something is wrong with this world LOL

I know there are plenty of jobs at stake but why not get more of the imort companies to open plants here. They are more stable and wont need tax payers to keep them afloat....

[gustav129]

I completely agree.

[Gene 3.5]

They will get the money. If they go bankrupt they get money. The government wont let 'em die.

[Backwoodz Tuner]

Yeah that sucks to hear but obviously somethings wrong with there management. Giving them more money to bail em out isn't gonna solve any long term problemsa but only short term. They need to start cutting wages down and look to more money efficient ways into doing bussiness. Its like supporting a crackhead. Give em a little they be fine for a minute but eventually be back begging for more cause they can't keep there problem under control. Its jus a vicious circle the government keeps feeding. Eventually somethings gotta give.

[MaRbLe]

^^^^

Short term? Shit they blew through 70Billion in less then 2 months!
You know how much that would be if they split 70 billion among all US citzens? People would have plenty of cash to spend, that would help the economy for sure....hell maybe a few poor souls would even buy a domestic car with it LOL

Im a business owner. If I made a poor decision or threw a bad event and lost cash do I get bailed out? NO! Its a free market ecomomy and if you make crappy cars then guess what, you go the way of GEO and Daewoo.

[gustav129]

GM stock closed at $1.77 today. Do I dare invest? Last year, it was around $25 a share.