At this point, there is no doubt in my mind; GM will be filing for bankruptcy soon. Confirmed by various sources, GM cannot file until after sometime in June of this year. General Motors is looking to conserve every last bit of the money that they have. With the date for them paying back the $1 billion is closing in on them they realize that it simply cannot be paid back. It has been reported that GM plans to idle most of its domestic plants this summer for as long as nine weeks. GM employees will be notified before any official announcements or moves are made towards the idle. It is expected that staggered closures could start as early as May.
Many fear that this could cause a trickle-down effect on the automotive suppliers who are trying to hold-on until some sign of relief or growth in the economy.
Also, don’t forget that you can get discounted new car pricing with a free quote through qualified local dealer partners.
WE will all have to literally RIDE this one out and see what takes place.
What do you think? Will GM file bankruptcy in June? Should they?
Malcolm Hogan is the founder and editor of Automotive Addicts, a trusted voice in the automotive media world for over two decades. With 20+ years of hands-on experience covering the industry, Malcolm has built a reputation for delivering honest reviews, sharp insights, and in-depth coverage of everything from new car debuts to high-performance test drives. Passionate about the evolving car culture and staying ahead of the curve, Malcolm continues to lead Automotive Addicts as a go-to destination for enthusiasts and industry insiders alike.