White House Lays Groundwork For GM Bankruptcy

The White House began laying the groundwork Thursday for a historic bankruptcy filing by General Motors Corp. (GM), prodding the company’s lenders for support and preparing a major campaign to reassure struggling communities in auto-manufacturing states.

President Barack Obama is expected to deliver remarks on GM on Monday. The White House offered few details, but his comments would coincide with the government’s deadline for GM to reach agreements with stakeholders or face being forced into bankruptcy, which now appears all but certain.

White House Press Secretary Robert Gibbs told reporters that any announcement would first come from GM.

“It’s not my job to prejudge or speculate on what the end-game of this might be,” Gibbs said. “I do expect that whatever happens …

continue reading from source by Josh Mitchell


2 thoughts on “White House Lays Groundwork For GM Bankruptcy

  1. The Most important challenge GM faces is to win back the trust of the tax payers. Giving away billions of tax payer money is not going to go under good sights of the consumers

  2. Did Gm deserve the bailout? You Ask me I would say NO.. why? When Honda and Toyota were out inventing new cars, GM was busy boasting about its pride and Showing off its hungry hungry Daughter the Hummer

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