phro37 wrote:Clash Cadillac wrote:Clash Cadillac wrote:DETROIT - General Motors Corp. Chairman and CEO Rick Wagoner will step down immediately at the request of the White House, administration officials said Sunday. The news comes as President Obama prepares to unveil additional restructuring efforts designed to save the domestic auto industry.
I am anxious to see what plans are unveiled tomorrow...
Obamas Speech
that's a bold move backing the warranties.
did he say there was a grace period to be passed before gm or chrysler could file for bankruptcy (i imagine there are a few creditors that hope so), or is that what the 60 and 30 day respective "restructuring" periods are in essence?
From the little bit I heard after the speech, it sound as if Obama's administration prefers the bankruptcy route. I interpret this as meaning that the 60 and 30 days are the time limit before proceeding with bankruptcy. It seems that neither company can even make it through the 60/30 time frame with out additional funds.