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If General Motors' saga were a play by Aeschylus, today marks the day when Kent Kresa, GM's interim chairman, returns from a visit to the Oracle at Delphi and informs everyone that the signs are not auspicious. There's been much talk of the bondholder issues that GM faces, and the news today is that the deadline for the debt-for-equity transaction isn't June 1 -- it's this Friday. That's when a bondholder agreement would need to be in place so GM would have everything sorted before its upcoming

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General Motors confirmed this morning that Saab's days as a part of the Detroit-based company are numbered. The Swedish brand has filed paperwork with courts in its home country for reorganization that would lead to its independence. This self-managed reorganization is analogous to the U.S. Chapter 11 bankruptcy process, and would lead to the establishment of an independent entity based in Sweden. In order for that to happen, however, GM needs to line up financing for the new company, which may

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After Merrill Lynch hinted bankruptcy concerns yesterday, and other Wall Street analysts spread additional gloom, shares of General Motors dropped $1.77 to close at $9.98 -- GM's lowest close in more than 50 years. While GM stock on Tuesday showed a bit of promise on the news that sales only dropped 18.2 percent in June (yes, it was supposed to be worse), nothing could slow the fall on Wednesday. Unfortunately for GM, the light at the end of the tunnel seems a far way off. Sales are plummeting,

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