Obama Will Set Bankruptcy Deadline for GM and Chrysler on Monday
According to the reliable folks over at GMInsideNews, on Monday the Obama Administration will announce a bankruptcy deadline for both General Motors and Chrysler.
It has been rumored that the government will release more details about its aid for the U.S. auto industry on Monday, but now it appears the announcement will include this strong-arm measure by the feds. The “brankruptcy deadline” will be a specific date by which both companies will have to have their finances in order. For General Motors this means a date by which it will have its ongoing issues with the United Auto Workers and bondholders resolved. If the companies cannot comply with the request of the Auto Task Force it will force both U.S. auto giants into a “pre-packaged” Chapter 11 bankruptcy filing.
[Source: GMInsideNews]
With AutoGuide from its launch, Colum previously acted as Editor-in-Chief of Modified Luxury & Exotics magazine where he became a certifiable car snob driving supercars like the Koenigsegg CCX and racing down the autobahn in anything over 500 hp. He has won numerous automotive journalism awards including the Best Video Journalism Award in 2014 and 2015 from the Automotive Journalists Association of Canada (AJAC). Colum founded Geared Content Studios, VerticalScope's in-house branded content division and works to find ways to integrate brands organically into content.
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