Bet you saw this one coming: GM, which has until the 17th to report its progress on a “viability” plan, is set to tell the government that either it gets more cash, or it’s going bankrupt anyway. Yep, that initial outlay was just a downpayment. See, it hasn’t made progress with its bondholders, and talks with the unions have broken down. It seems everyone is betting that the Democratic-controlled government blinks.
According to WSJ, it looks like the company will need at least another $5 billion. And that may be just to make it through the quarter.
Oh, and from the “more nuggets from the stimulus”-category: GM is getting a $3 billion tax break once Obama signs the law. You might’ve missed that while you read the 1000+ pages this weekend.
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