GM Bankruptcy Hummer Sale Does It Help?

The "Hummer sale" was to a chinese business and was sold for a reported 150 million. We will soon find out if GMs Hummer Sale was to help them or hurt them financially in this bankruptcy.

General Motors is now the "GM Reinvention Project" according to GM reinvention.com. In a new development GM is working a deal to sell Saab to low volume sportscar maker koenigsegg automotive of Sweden. Gm has also reached deals to sell Hummer and Saturn since filing chapter 11. This is all part of the plan to restructure and concentrate on the 4 core brands which are Chevy , Cadillac , Buick , and GMC.

GM is reorganizing and so far here is the latest on how that will happen. Under Chapter 11 the law allows General Motors several different options. They may sell off equipment and items deemed neccessary to cut costs and save money. They are allowed to close plants and offices where needed to help in the restructuring process. GM is also allowed to end contracts with dealers thru the nation. This would mean that these car dealerships would become independant and not be able to use the GM logo in their advertising. At this time General Motores is considering closing or ending contractual agreements with somewhere between 1100 to 1200 stores.

The GM bankruptcy is so big that the trickle down effects will be felt by employees and consumers for a long time to come. Suppliers for GM are not sure if GM will put them on the do business with list or reject them in whole. This is up to General Motors, and the courts ,who will benefit from this bankruptcy and who will lose.

Mnay people are nervously waiting to hear what will happen with their retirment pensions? If GM is selling off bits and pieces of its corporation will employees have a valid claim for retirement? If so who with? The bottom line is we just dont know yet! The pension holders may recieve up to 33 percent from the Federal Pension Agency but hopefully a full retirement for all, will be the outcome of this mess.

In closing, GM filing for bankruptcy seemed neccessary and probably a good idea. It just amazes me how a company so prosperous, for so long, could fall so hard in this economy. Just goes to show how greed can kill any good or great business!

Sell the jets, fire the CEOs ,sell the mansions, and get back to reality. People are tired of paying 25,000 for a gas guzzling piece of junk.

Thank you and have a great day...........

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