GM offically not Bankrupt but Restructuring !

F Body · June 01, 2009, 10:57:08 AM

No surprise that my employer GM has filed for chapter 11 bankruptcy

However GME has been bought by Magna a Canadian parts supplier with money loaned by the German government

The good news is GM america will survive, but will be a very different company at the end of it and the bad news is GME run by the Germans will close all the factories outside Germany.

ianjpage · June 01, 2009, 11:00:10 AM

ahh good and bad news then....i take it that means GM luton is gone then - is it offical yet or not?

Roadkill · June 01, 2009, 11:50:26 AM

It's amazing it hasn't happened sooner, TBH . . .

F Body · June 01, 2009, 01:13:03 PM

Quoting: ianjpage

i take it that means GM luton is gone then - is it offical yet or not?

No official news on anything yet, it's going to take a few weeks for the Germans to decide who gets shot first

Just hoping that we "Luton plant" can hang in there until the economy's picked up

Note : I'm good at gardening, painting & car valeting, special MKB rates to follow

Gator · June 01, 2009, 01:43:51 PM

fingers crossed for ya mate my mrs hears whether she has a job in the next couple of weeks

F Body · June 01, 2009, 02:31:52 PM

Still wasting millions on unnecessary advertising

http://www.gmreinvention.com/\" target=\"_blank\" rel=\"nofollow\">http://www.gmreinvention.com/

Fieldy · June 01, 2009, 04:20:15 PM

good luck Martyn.....

ianjpage · June 02, 2009, 03:09:55 AM

Quoting: F Body

No official news on anything yet, it's going to take a few weeks for the Germans to decide who gets shot first

bummer not good then .... hope it all goes well for you either way!

Roadkill · June 02, 2009, 03:27:15 AM

Quoting: F Body

I'm good at gardening

Good luck with it, mate.

Fingers crossed you hold on.

F Body · June 02, 2009, 07:10:02 AM

I had to change the title

Just had an e-mail from mission control in Detroit, ALL employees MUST NOT refer to the term "bankruptcy"

ALL comments must be termed under the phrase " Restructuring "

and you wonder why GM had to " Restructure " anyway

FUBAR · June 02, 2009, 07:56:38 AM

Quoting: Roadkill

Good luck with it, mate.

Fingers crossed you hold on.

Indeed I hope things work out, you're not the only person i've got my fingers crossed for atm either, stupid recession

EDGE · June 02, 2009, 08:09:01 AM

the government have just bought a 60% stake of GM for $30 billion...

that'll pisss all the federal govermnet hating southerners off

Roadkill · June 02, 2009, 08:31:07 AM

Quoting: F Body

I had to change the title

Big Brother's watching you . . . . . .

Flip Martian · June 02, 2009, 08:43:30 AM

Yup fingers crossed...heard about this on the radio yesterday and thought it was your place under threat... Hopefully the factory will hold on for a good while yet.

HardRockCamaro · June 02, 2009, 01:10:05 PM

Sadly it's quite common for people to associate Chapter 11 bankruptcy protection with a company actually going under.

People assume GM (or whoever) are actually closing down and that's it.

Of course, that being the case it makes matters worse for the company as people are afraid to buy their product.

Even in the worst case scenario GM as a whole isn't going anywhere, they have some valuable brands etc so it's not like it'll all just disappear. I know the Chinese are very interested in buying Cadillac, arguably their most valuable brand.

My only concern re their future is the Chevy Volt, which the government want them to make (small, hybrid etc) but it's just too expensive at £30k (the projected UK price of its sister the Ampera).

Shame, as at under 20k I'd be interested myself.

FUBAR · June 02, 2009, 01:10:31 PM

Nationalised Industry... so the Commies ARE winning after all!!

F Body · June 05, 2009, 12:17:28 PM

The yard sale continues with Hummer's sold to the Chinese and now Saturn sold

http://jalopnik.com/5280144/penske-officially-buying-saturn-from-gm\" target=\"_blank\" rel=\"nofollow\">http://jalopnik.com/5280144/penske-officially-buying-saturn-from-gm

FUBAR · June 05, 2009, 12:41:57 PM

Quoting: F Body

with Hummer's sold to the Chinese

But they've been making them for years!...
This one is in the Beijing Museum of Military History...

http://img.photobucket.com/albums/v223/ryanbudd/255-Bei-CopiedHummer.jpg\" target=\"_blank\" rel=\"nofollow\"> [img]http://img.photobucket.com/albums/v223/ryanbudd/255-Bei-CopiedHummer.jpg\" border=\"0\" alt=\"\" width=150>

art b · June 05, 2009, 04:41:51 PM

Quoting: F Body

Just had an e-mail from mission control in Detroit, ALL employees MUST NOT refer to the term "bankruptcy"

ALL comments must be termed under the phrase " Restructuring

YA gotta love corperate speak....

ha ha ha

different name same sh!t.....

F Body · June 06, 2009, 05:17:48 AM

Quoting: art b

YA gotta love corperate speak....

ha ha ha different name same sh!t.....

Some people have way too much time on there hands

Ponti · June 06, 2009, 05:30:07 AM

ianjpage · June 08, 2009, 02:53:00 AM

hahaha quality ad

F Body · June 09, 2009, 01:07:26 PM

Another late one tonight, Magna our new owners are currently doing a site visit in Luton

VIPER · June 09, 2009, 04:08:07 PM

Few big meetings going on this week ..So i here...

Good luck

F Body · June 11, 2009, 07:10:01 AM

GM's new Chairman 67 year old Edward Whitacre admits he knows nothing about cars

http://www.autoblog.com/2009/06/10/new-gm-chairman-whitacre-admits-i-dont-know-anything-about-ca/\" target=\"_blank\" rel=\"nofollow\">http://www.autoblog.com/2009/06/10/new-gm-chairman-whitacre-admits-i-dont-know-anything-about-ca/

FFS people this is why GM got into this mess in the first place