Thursday, April 23, 2009
GM considering nine-week shutdown; will default june 1
The company's CFO says the firm will not make its June 1, $1 billion debt payment reports WSJ.
via zero hedge -- in bankruptcy there's likely not much for GM bondholders.
rolfe winkler among others relayed a rumored summer closing of all or nearly all of GM's north american capacity.
The shutdown could be catastrophic to many auto parts suppliers that already are near bankruptcy due to previous production cuts. During the shutdown, suppliers couldn’t ship parts to GM and would lose critical revenue.