GM To Miss Payment

[Sapiens]

http://online.wsj.com/article/BT-CO-...22-715855.html

NEW YORK (Dow Jones)--Credit markets weathered an uneasy Wednesday punctuated by word that beleaguered General Motors Corp. (GM) won't make a scheduled $1 billion interest payment.

...

GM Bonds Edge Lower Still

GM Chief Financial Officer Ray Young told reporters Wednesday that the company doesn't plan on making a $1 billion debt payment due June 1 and is relying on either a successful debt-for-equity exchange or court protection to dramatically lower its outstanding debt, The Wall Street Journal reported. Young said a bankruptcy filing is "probable," the Journal reported.

...

[Mega]

Re: GM To Miss Payment

http://www.businessinsider.com/gm-defaults-2009-4

Holy Sh*T !!!!!!
Mike

[kelton56]

Re: GM To Miss Payment

Pre-packaged default if the pre-packaged bankruptcy hasn't been filed by June 1.

[vinoveri]

Re: GM To Miss Payment

maybe I'm just getting numb, but I'm starting to lose interest ... nothing's going to happen according to free market standards anyway, the gov will just print the money it needs and shovel it wherever the dike is leaking - end of story -

maybe Cheney was right (sort of) in that deficits/debt don't matter (at least in the short run ~50yrs)- it's a global fiat money world and CONfidence is all that's needed to keep the game going $20Trillion, $30T, $50T in national debt who cares ... the bond vigilantes are dead.

Rajiv is right, we are all just hamsters on a treadmill.

[jtabeb]

Re: GM To Miss Payment

Rajiv is right, we are all just hamsters on a treadmill.

Yeah, except some hamsters drive mazeratis, get blowjobs from hookers and snort blow paid for by the other hamsters! That's the part I take issue with, I guess. (Speaking as a Goverment employee, course);)

[WildspitzE]

Re: GM To Miss Payment

More GM news...

http://finance.yahoo.com/news/AP-Sou...4037.html?.v=2

"Two people briefed on the plan say General Motors Corp. will close most of its U.S. factories for up to nine weeks this summer because of slumping sales and growing inventories of unsold vehicles."

I'm sure that the market has factored in GM going into Ch 11 from a market cap perspective, but I wonder if it's fully factored into all of the other GM touch points.

We'll see.

[nitroglycol]

Re: GM To Miss Payment

Ford seems to be doing a lot better:

April 22 (Bloomberg) -- Ford Motor Co. rose 13 percent in New York trading after Goldman, Sachs & Co. advised buying the shares, citing likely bankruptcy filings for General Motors Corp. and Chrysler LLC.
Ford will gain U.S. market share from GM and Chrysler, and the stock may climb 58 percent to $6 within 6 months, Patrick Archambault, a New York-based analyst, wrote in a research report. Goldman previously had a “neutral” rating on the second-largest U.S. automaker.
“The stage is set for a sea change in the structure of the U.S. auto industry,” Archambault wrote. “We do not foresee bankruptcy at Ford, which we believe has sufficient liquidity to make it through to 2010 without additional funding."

From Bloomberg.

[metalman]

Re: GM To Miss Payment

Ford seems to be doing a lot better:


From Bloomberg.

goldman's on ford. pile in!!

[Rajiv]

Re: GM To Miss Payment

Don’t try to watch these videos, just LISTEN, because the sound track is way off from the video.

Gerald Celente - Violent Revolution will start soon
He’s getting preachy, but deservedly so.

part 1 /2

part 2 /2

[LargoWinch]

Re: GM To Miss Payment

Relax gents: here we come with our colored-money.

Globe and Mail update
April 22, 2009 at 9:21 PM EDT
The governments of Canada and Ontario are in advanced negotiations to provide unprecedented bankruptcy financing for the Canadian operations of General Motors Corp. and Chrysler LLC.


According to people familiar with the matter, federal and provincial officials are in the final stages of discussions with the U.S. Treasury and senior auto executives toward a contribution of as much as $6-billion (U.S.) for unique cross-border financing that would see GM and Chrysler through the initial phases of creditor protection.


.....



Continued here.