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"General Motors is open to considering moving its headquarters from Detroit, selling off U.S. plants and even renegotiating parts of its restructuring plan with its major union, the new chief
CEO Fritz Henderson, on a conference call with reporters, said it was more probable that GM [GM 1.44 -0.17 (-10.56%) ] was headed for bankruptcy by June 1—the U.S. government-imposed deadline for the automaker to restructure or face bankruptcy.
"It's more probable that we would need to accomplish our goals in a bankruptcy," Henderson said. "There's still a chance for it to be done outside a court proceeding."
Originally posted by theWCH
GM is a cornerstone of the military-industrial complex (Hummers, anybody?). Hence the saying that "As GM goes, so goes the country."
Some people may have noticed me saying this in the past, but it really is an important thing to wrap your head around.