GM Considering Bankruptcy

With a looming Tuesday deadline to present a viability plan to the government, General Motors is considering a Chapter 11 bankruptcy filing that would create a new company.

"The undesirable assets would be liquidated or sold under protection of a bankruptcy court. Contracts with bondholders, unions, dealers and suppliers would also be reworked." - WSJ

Whether or not GM files for Chapter 11 and forms a new company, it already plans changes.

"GM has already announced plans to cut 10,000 salaried workers worldwide, or 14 percent of its staff, impose pay cuts for most remaining white-collar U.S. workers and has offered buyouts to its 62,000 U.S. workers represented by the UAW." - Reuters