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Tag: Chapter 11

Obama administration kills Pontiac today; AIG still unpunished

By Nick, Section News
Posted on Mon Apr 27, 2009 at 07:31:53 AM EST
Tags: GM, Pontiac, Chrysler, Fiat, Big 3, Obama, Congress, bailout, unemployment, Chapter 11 (all tags)

Update [2009-4-27 8:34:36 by Nick]: GM says 21,000 jobs are going die alongside Pontiac. Ouch.

Big week, boys and girls. Big week for Detroit, for Michigan and for hundreds of thousands of moms and dads and kids and... you get the idea. With Big 3 restructuring deadlines lurking here and there dominos are already starting to fall in what will probably prove to be a few of the most important days in the history of Motor City.

The bottom line question, after we cut through the filler and the nonsense and the periphery issues... the heart of the matter is whether or not metro Detroit will survive in any meaningful way. Heading into the weekend there was a serious chance that Chrysler, LLC could be completely liquidated via Chapter 11 bankruptcy which would have put an estimated 300,000 Michiganders out of work. Friday deadlines lurked in the distance and the company's would-be-"savior," Fiat, continued to insist on significant UAW concessions.

And they got some. THANK GOODNESS meets OUCH (probably).

Read on...

(3 comments, 584 words in story) Full Story