Posts Tagged ‘bankruptcy’
A Kinder, Gentler GM
It’s a pretty safe bet that GM will file for bankruptcy Monday with the public chipping in billions of dollars as majority owner of the new Government Motors.
But it appears that a new kind of automotive company is retooling and redefining itself and planning on redefining the American Auto experience.
We’ve gone from this:
To this:
In essence vehicles designed like and of the same size as plastic porta-potties with wheels. In the color of your choice of course.
Goodbye detroit, it was a good run.
Tags: bankruptcy, detroit, GM, porta-potties
Union Workers to benefit from gutting GM
If anyone ever thought that the bailout of GM wasn’t about bailing out the greedy unions then here’s the proof.
It’s never been about the company, it’s always been about the unions, with Obamessiahs help they’ll finally destroy the automotive industry in America.
Report: GM Prepares for ‘Surgical’ Bankruptcy
The Treasury Department is directing General Motors to prepare for a bankruptcy filing by June 1, despite GM’s assertion that it could still reorganize without such a filing, The New York Times reported unnamed sources as saying on Monday.
~snip~Proceeds from the government’s eventual sale of equity in the good company in part would go toward paying parties that have leverage over the auto maker. Those include the United Auto Workers union, which is owed tens of billions in health-care payments; and unsecured bondholders, who hold $29 billion in GM debt.~snip~
Tags: bankruptcy, GM, greedy, UAW
More Dead Tree Dailies enter Bankruptcy
And another one goes into Chapter 11.
Seems like we’re seeing a lot more of these.
Sun-Times Group Files for Bankruptcy
NEW YORK — The Sun-Times Media Group, owner of the Chicago Sun-Times and dozens of suburban newspapers, filed for Chapter 11 bankruptcy Tuesday, making it the fifth newspaper publisher to seek protection from creditors in recent months.
The step, brought on by a precipitous decline in advertising revenue, means both of Chicago’s major daily newspapers are operating under bankruptcy protection. Tribune Co., the parent company of the Chicago Tribune, Los Angeles Times and other newspapers, filed for Chapter 11 in December.
The Sun-Times Media Group, which filed in a Delaware court, said it will continue to operate its print and online properties. The company listed $479 million in assets and $801 million in debt. The largest unsecured creditors are newsprint vendors. Three are owed more than $1 million each.
The company has retained Rothschild Inc. to help with a possible sale of assets.
~snip~
It’s just a matter of time before the major publishers go hat in hand to Barry, Nancy and Barney for a bail out.
Advertising is down because circulation is down, people are rejecting the traditional news media for other venues. They can either get a clue or they can just die out.
Tags: bail out, bankruptcy, old media
