scott s. Wrote:
Nov 17, 2012 4:23 PM
I think GM went into "regular bankruptcy"? As far as foreign car makers, don't forget that Mercedes (Daimler-Benz) bought Chrysler and ran it into the ground. They then sold it to a private equity company (Cerberus Capital Mgt) who brought in Nardelli from Home Depot as a turn around and failed. Also Bush bailed out all the "big 3" in December 2008 with loans from TARP funds. GM did in fact go into chapter 11 bankruptcy and was reorganized, not liquidated. (Liabilities transferred to "Liquidation Motors" and New GM and Ally Bank spun off.) GM's current problems are due to heavy exposure to Europe.