REPORT: GM could be wholly owned by U.S. gov't after bankruptcy, $15.4 billion in loans forgiven
Reuters' source indicated that the new government strategy for GM would include extending the U.S.' credit line to the newly formed company and forgiving the majority of the $15.4 billion federal loans to the automaker. Additionally, the government could give both bondholders and GM's unions a stake in the company, and although a new board would be established – pending review from the government's oversight board – Rick Wagoner's successor and GM's new CEO, Fritz Henderson, would likely head the new company. Shocking? Hardly. Disturbing? Sound off in the comments below. Thanks to all who tipped in.
[Source: Reuters | Image Source: Bill Pugliano/Getty]
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