I always thought GM would just declare Chapter 11 bankruptcy and the stockholders, unions and retirees would get the shaft.
Apparently there is no one to lend them the cash they need to stay in business for a strategic bankruptcy.
Sounds like if Bush or Obama don't save them they will file Chapter 7 which is liquidation. Production would stop.
Corvette could be bought by someone and saved or Tata or someone like that could just buy the Corvette trademark and attach it to a sedan.
Here's the story.
http://www.bloomberg.com/apps/news?p...efer=worldwide