Link to the article: Channel 4 News
By Sarah Smith
For 100 years an icon of corporate capitalism, General Motors today declared itself bankrupt in one of the biggest industrial failures in US history. Sarah Smith reports.
President Obama said he was confident a stronger, streamlined company will emerge – under a massive restructuring plan, backed by another massive tranche of government aid.
But as workers braced themselves for news about their job, GM announced a series of factories would close, confirming it was more than $170bn in debt.
Showing posts with label bankruptcy protection. Show all posts
Showing posts with label bankruptcy protection. Show all posts
Monday, 1 June 2009
GM bankruptcy 'will hit Vauxhall'
Link to the article: Channel 4 News
By Jenny Wivell
The car giant General Motors is today filing for bankruptcy, as unions warn it will inevitably mean job losses at Vauxhall plants in Britain. Jenny Wivell reports.
General Motors is expected to file for bankruptcy protection today, marking the biggest corporate failure in American history.
The century-old car giant will receive emergency funding from the US government, which will in turn receive a 60 per cent stake in a new, leaner company due to be relaunched within 90 days.
Unions here warn that the restructuring, which includes the sell-off of GM Europe to a Canadian-Russian conglomerate, will mean that jobs will be lost at Vauxhall plants in Luton and Ellesmere Port.
By Jenny Wivell
The car giant General Motors is today filing for bankruptcy, as unions warn it will inevitably mean job losses at Vauxhall plants in Britain. Jenny Wivell reports.
General Motors is expected to file for bankruptcy protection today, marking the biggest corporate failure in American history.
The century-old car giant will receive emergency funding from the US government, which will in turn receive a 60 per cent stake in a new, leaner company due to be relaunched within 90 days.
Unions here warn that the restructuring, which includes the sell-off of GM Europe to a Canadian-Russian conglomerate, will mean that jobs will be lost at Vauxhall plants in Luton and Ellesmere Port.
Subscribe to:
Posts (Atom)
Posts
