GM stock has been delisted, dumped from the Dow, and is pretty much worthless. But with government backing, as they say, even pigs can fly. Indeed, just days after filing for bankruptcy, General Motors Corp. is already plotting a path beyond Chapter 11, including the sale of stranded assets and even an offering of new stock. The principle shareholders of any new GM—the U.S. Treasury, Canada's federal government and the United Auto Workers—are keenly interested in getting GM stock back into circulation. "There ...

The health care of thousands of retired auto workers is about to change: On Friday the membership of the United Auto Workers overwhelmingly approved a restructuring plan with GM, according to UAW president Ron Gettelfinger. The plan gives the union's health care vehicle some promissory notes plus a 17.5% stake in GM and warrants to purchase another 2.5%. Assuming the deals survive bankruptcy court, and experts expect it will, the change marks a new direction in health care ...

General Motors appears to be on a fast road to bankruptcy . Chief executive officer Fritz Henderson has already described a bankruptcy filing as 'probable' as the U.S. Treasury's June 1 deadline for reorganizing the company draws near. Also, the fact GM actually announced it was moving up its normal date for paying suppliers from June 2 to May 28 further suggests bankruptcy is likely, says Brad Coulter of O'Keefe & Associates of Bloomfield Hills, which specializes in helping distressed manufacturing companies. 'To ...