GM has a June 1st deadline to come up with a restructuring plan. If it fails to come up with an adequate plan Barack Obama will force GM to file for bankruptcy protection. GM’s revenue fell from $42billion in 2008 to $22billion this week.
Just think, the company which brought you such automobiles as Buick, Chevrolet, Cadillac, GMC, Daewoo, Holden, Hummer, Opel, Pontiac, Saab, Saturn, Vauxhall, and Wuling, will now be going under. As the deadline approaches bankruptcy is looking “more likely,” said the CEO Fritz Henderson.
Under the Troubled Assets Relief Program (TARP), the US Government gave GM $15.4 billion as of late April 2009, and their financiers, GMAC, were given $5 billion. Additionally, the Canadian Government has given GM $3 billion. But even before the 2008-2009 crisis, GM has received hefty subsidies from both Canada and the US.
Plan: stand by as GM collapses, then “occupy, resist, produce…”
Video from December: