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
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 for GM retirees, and now puts them in much the same camp as Chrysler retirees.
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