GM Prepares for ‘Surgical’ Bankruptcy

By News on the Net —— Bio and Archives April 13, 2009

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The Treasury Department is directing General Motors to prepare for a bankruptcy filing by June 1, despite GM's assertion that it could still reorganize without such a filing, The New York Times reported unnamed sources as saying on Monday.

Members of President Obama's automotive task force are said to have been in discussion with GM officials and its advisers in Detroit and Washington last week and are expected to continue this week. The White House-appointed autos task force has given GM 60 days to come up with a restructuring plan and it is trying to determine whether the automaker can be a viable company. More...