BBC NEWS?EU-Digest: GM Chapter 11 bankruptcy filing to rank as one of the largest bankruptcies in US history
GM Chapter 11 bankruptcy filing to rank as one of the largest bankruptcies in US history
President Barack Obama will give full details of the restructuring on Monday. He is scheduled to hold a press conference on the plan at around 1400 GMT (1500 BST) on Monday. The Obama administration had given GM a 1 June deadline to submit a viable revival plan or file for bankruptcy. A Chapter 11 bankruptcy filing by GM would rank as one of the largest bankruptcies in US history. GM's European arm, which makes the Vauxhall and Opel brands, will likely be spared bankruptcy following a deal by Canadian car parts maker Magna to buy GM Europe.
“The legacy is gone,” said Brian Fredline, president of United Auto Workers Local 602, which represents workers at Lansing Delta Township, where Buick Enclaves, GMC Acadias and Saturn Outlooks are made. “The hope of the Midwestern American dream is gone.” Fredline has worked at GM for 24 years. His father worked there for 37. His grandfathers for 40 and 42 years, respectively. “It’s sad to see that my children will not have an opportunity to experience that same level of security that past generations have experienced,” he said.
