GM says won't be filing for bankruptcy protection
10 October 2008

General Motors has insisted that going bankrupt is “not an option”.

The American auto giant was forced to release a statement today after market experts predicted the company would file for America’s Chapter 11 bankruptcy protection within days.

“Bankruptcy would not be in the interests of our employees, stockholders, suppliers or customers and we believe speculation about a possible filing is exaggerated and unconstructive,” the GM statement said.

The company’s share price took a battering on Wall Street yesterday. Its stocks were worth just $4.76 each when markets closed, valuing the company at less than $3 billion.

Media reports have been suggesting that GM is on the verge of filing for bankruptcy since its share price dipped below the $10 mark earlier this year.

Currently GM is trying to sell the failing Hummer brand and is streamlining vehicle production worldwide in an effort to cut costs. It blames the “global financial markets and weakening economic fundamentals” for its ongoing crisis.

Will Powell

Join the debate

Comments
17

11 October 2008

gm should have bankrupted 40 years ago, just look at the junk they have given us. name one car that has been good and reliable since 1968.

11 October 2008

The Vauxhall Zafira is both good and reliable. So is the Astra.

11 October 2008

[quote phenergn]The Vauxhall Zafira is both good and reliable. So is the Astra.[/quote] Reliable maybe. Good, certainly not. Spectacularly mediocre, yes.

11 October 2008

40 years? Spectacularly mediocre?

There are people's jobs, pensions and whole future at stake here. If you can't say anything constructive please go back to looking at Page Three and stop wasting my time. These Forums are set up for car enthusiasts to discuss events within the car industry; not to provide opportunities for one finger typists at the bottom of the gene pool whose idea of good day is to drink ten pints, pick their noses, shout abuse at passing girls and manage to get their underpants on the right way round.

Get a life, morons

11 October 2008

Oh I see, Straff, people are entitled to jobs. It is a right to have a job, is it ? Do you not think the fact that it is a relevant point that the company which employs them makes crappy products ? See any connection ? Why not take your left wing views and return them to the museum, eh ?

11 October 2008

i think generalising GM products into one, when there are so many different companys under the umbrella, is neither informed nor useful.

i doubt GM will be allowed by the US government to go bankrupt, at a time when confidence is everything.

im also afraid 'right wing' market values are are being called spectacularly into question, when the whole financial system is being nationalised, to keep it going- a very 'left wing' phenomenon.

now what needs consigning to the musuem bruce wayne?

GM is no blander than ford or toyota, and GM in europe for the past 5 years at least with the astra have made a desirable product for the every day person. It does more then enough, and looks good.

and people are entitled in the developed world to a job, a home, and a reasonable standard of living. GM provides enormous security to a large workforce- can anyone be sure it wouldnt create a domino effect to let it go bust?

could someone on this forum lose their job?

i think people should remember however that a forum is a place to exchange views on relevant subjects. There is a little too much shouting down and personal sniping on this one for comfort.

11 October 2008

I don't think I've heard quite so much sanctimonious piffle in years.

[quote keeforelli]

i think generalising GM products into one, when there are so many different companys under the umbrella, is neither informed nor useful.

[/quote]

It's not much of a generalisation to say that all the GM companies make pretty much the same product. Same with Ford, same with Toyota as you seem to say yourself. They are mediocre products though. If you settle for that, that's none of my business. It's a subjective thing.

[quote keeforelli]

im also afraid 'right wing' market values are are being called spectacularly into question, when the whole financial system is being nationalised, to keep it going- a very 'left wing' phenomenon.

[/quote]

Um, yes. I think I already said left wing. Keep up.

[quote keeforelli]and people are entitled in the developed world to a job, a home, and a reasonable standard of living.[/quote]

People are entitled to nothing. Nothing at all. The world does not owe you a living. It's up to you to make yourself attractive to the labour market and as indispensable as possible.

[quote keeforelli]i think people should remember however that a forum is a place to exchange views on relevant subjects. There is a little too much shouting down and personal sniping on this one for comfort.
[/quote]

No sniping. This is an exchange of views. Don't take things so personally when we are all people in here who have never met. Learn to debate robustly.

12 October 2008

Patronising and condescending. impressive bruce wayne- a perfect example of not just debating the subject, but the individual too. i dont need to be told to 'learn to debate robustly' , im ok, thanks.

it is the tone of your posts i object to, not the content.

Exactly what is debating robustly? this statement you made perhaps?

It's not much of a generalisation to say that all the GM companies make pretty much the same product. Same with Ford, same with Toyota as you seem to say yourself. They are mediocre products though. If you settle for that, that's none of my business. It's a subjective thing.

'they are mediocre though' ...says who?....the millions of owners worldwide?

In your opinion they are, and thats all. opinion stated as fact is still not fact.

where is your argument that GM makes mediocre product worldwide?..

ive yet to hear it.


12 October 2008

oh and also bruce, straff never at any point said anyone was entitled to a job, which is how you picked up your debate with him.

though not being entitled to jobs, we are definatley entitled to benefits, and i can be sure you are not in support of those, which is what you would be paying for on a massive scale if GM went bankrupt.

12 October 2008

[quote keeforelli]i dont need to be told to 'learn to debate robustly' , im ok, thanks.
[/quote]

[quote keeforelli]Exactly what is debating robustly? [/quote]

You seem confused.

[quote keeforelli]

'they are mediocre though' ...says who?....the millions of owners worldwide?

In your opinion they are, and thats all. opinion stated as fact is still not fact.

where is your argument that GM makes mediocre product worldwide?..

[/quote]

Would you say that they are in the same league as Audi, BMW etc. ? They are definitely not a premium car nor are outstanding in anything they do. There are a few mildly interesting cars (e.g. VXR) but although they are faster, you are still driving an Astra / Vectra etc. with the same cheap plastics etc etc. They are massed produced products which are not well made but are priced cheaply. That's why lots of people buy them : because they can afford them. I think you might find that BMW make massed produced products now too but they seem to make a quality product (well built and attention to low emissions etc.) which is why they will survive. You've heard it now, Keeforelli. It would appear that you like prolonging the personal stuff.

[quote keeforelli]

it is the tone of your posts i object to, not the content.

[/quote]

Am I bovvered ?

Pages

Add your comment

Log in or register to post comments

Find an Autocar car review

Driven this week

  • Citroën C3 Aircross
    First Drive
    17 October 2017
    It's got funky looks and a charming interior, but it's another small SUV, and another dynamic miss. Numb steering is just one thing keeping it from class best
  • Skoda-Karoq 2.0 TDI 4x4
    First Drive
    16 October 2017
    Diesel version of Skoda’s junior SUV is unobtrusive and undemanding, but we’d still go for the silkier petrol version of the Karoq
  • Audi Q7 e-tron
    First Drive
    16 October 2017
    Expensive and flawed but this understated diesel-electric Audi Q7 has a lot to offer
  • Citroën C3
    First Drive
    16 October 2017
    Is the third gen Citroën C3 ‘fresh and different’ enough to take on its supermini rivals? We spend six months with one to find out
  • BMW X3
    First Drive
    15 October 2017
    A satisfying rework of the X3 that usefully improves its handling, cabin finish, space and connectivity to make this BMW a class front-runner again