It will be interesting to see what the creditors for Chrysler do - if they agree to erase most of the debt that is currently on their balance sheet. Now, what will happen with GM?

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...d restructure, such as dropping lines, plants closing, products canceled and concessions being made from lends and suppliers (agreeing to 30-40% repayment). Retirees might also see their medical benefits take a drop. Also, the parts suppliers waiting might be the most vulnerable to get paid by General Motors, and without the parts, there would be no automobile industry. The article discusses this topic below.


Article: What Happens If GM Goes Bankrupt?

CBS Evening News: Some Analysts Say Automaker Needs Pit Stop In Bankruptcy Court On Road To Recovery
March 9, 2009 | by Anthony Mason

CBS) Members of President Obama's auto task force toured Chrysler and General Motors facilities in Michigan Monday. The two companies have received more than $17 billion in government loans and the task force will decide if they should get more. Top Republicans - including Sen. John McCain - say "enough," let GM file for Chapter 11.

It's a drastic step, but as CBS News Business Correspondent Anthony Mason reports, some experts believe it's the best choice.

The General Motors that the president's auto task force was touring is, according to its own auditors, a company on the brink.

So what would ...