Law and Rights
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- New Gm Promises To Honor Warranties
Good news for owners of GM cars and trucks --- reports are that the "new" GM which comes out of bankruptcy will honor the "old" GM's warranty on the millions of cars and trucks on the road. That announcement, although a promise yet to be fulfilled,...
- Gm Predicted To File Bankruptcy Any Day
As of late afternoon on May 26, 2009, sources involved with the GM restructuring are saying it's all but over with. GM had to get 90% of its bondholders to accept its "debt for equity" swap to avoid filing the largest ever industrial bankruptcy in...
- Gm Gets Surgical
Doubt continues to grow on whether or not GM can avoid bankruptcy very soon. GM is backed into a corner with its well-heeled bond holders not budging and too many creditors clamoring for cash while the feds while away the hours on the doomsday clock....
- Chrysler-fiat Iffy While Gm Gets Gloomy And Saturn Is Selling Out
Fiat has said that there's no better than a 50-50 chance they will work out a deal with Chrysler, which only has until the end of the month to get the deal done. Apparently Fiat has put some hard terms on the table that Chrysler may not be able to...
- Danger Of Bankruptcy
Whether Detroit's Big 3 get their bailout or not, consumers need to know what it can mean to them when a business files bankruptcy on their claim or their lawsuit. Recent reports of the bad economy undoubtedly worry consumers about the risk that the...
Law and Rights
GM Default Likely, S&P Says
Standard & Poor, the people who rate the credit status of corporations, has cut GM's rating deeper into junk value because its assets are shrinking, sales are light and debt is not being reduced, according to S&P.
Although S&P predicts that a version of GM would be able to survive bankruptcy, the talk of it is becoming more frequent and more insistent, even inside GM itself.
"Should GM default or file for Chapter 11 bankruptcy protection, holders of its senior secured revolver should expect a 70 percent to 90 percent recovery of what they are owed instead of the previous expectation of 90 percent to 100 percent," S&P said in a recent Automotive News article.
The same article predicted that a Chapter 11 filing by Chrysler would likely be its death knell.
Meanwhile, if you've got a GM car or a Chrysler product with defects and it's still covered by warranty, you better get it back to your dealer for repairs while the factories are still honoring the warranties and all of this is just talk.
Burdge Law Office
http://www.newcarlemonlaw.com/
Helping Consumers Protect Themselves Since 1978
Subscribe in a reader- New Gm Promises To Honor Warranties
Good news for owners of GM cars and trucks --- reports are that the "new" GM which comes out of bankruptcy will honor the "old" GM's warranty on the millions of cars and trucks on the road. That announcement, although a promise yet to be fulfilled,...
- Gm Predicted To File Bankruptcy Any Day
As of late afternoon on May 26, 2009, sources involved with the GM restructuring are saying it's all but over with. GM had to get 90% of its bondholders to accept its "debt for equity" swap to avoid filing the largest ever industrial bankruptcy in...
- Gm Gets Surgical
Doubt continues to grow on whether or not GM can avoid bankruptcy very soon. GM is backed into a corner with its well-heeled bond holders not budging and too many creditors clamoring for cash while the feds while away the hours on the doomsday clock....
- Chrysler-fiat Iffy While Gm Gets Gloomy And Saturn Is Selling Out
Fiat has said that there's no better than a 50-50 chance they will work out a deal with Chrysler, which only has until the end of the month to get the deal done. Apparently Fiat has put some hard terms on the table that Chrysler may not be able to...
- Danger Of Bankruptcy
Whether Detroit's Big 3 get their bailout or not, consumers need to know what it can mean to them when a business files bankruptcy on their claim or their lawsuit. Recent reports of the bad economy undoubtedly worry consumers about the risk that the...