GM Approaches Deadline

With the deadline for GM looming just 2 weeks away, bankruptcy is looking more and more probable. CEO Fritz Henderson still hopes to restructure before the June 1 deadline but the task maybe to large.

Standing in GM’s way are bond holders and unions who must accept lower than what is expected. GM is also looking at selling assets like Opel, Hummer and Saab to raise their cash position for continued funding. The company would like to close up to 2600 of their dealerships which are not profitable.

If they can not get thing figured out in time expect a bankruptcy unless they can somehow get a extension of the June 1st deadline. Either way shareholders have little to look forward to with a possible 100-1 reverse stock split, the stock continues to trade at just over $1