GM forced into bankruptcy - WSFA.com Montgomery Alabama news.

GM forced into bankruptcy

WASHINGTON (NBC) - "It's not just any company, " said President Obama. " It's G.M."   

But General Motors Monday filed for bankruptcy, going into federal court to try to stay afloat in an ocean of red ink and reorganize under its new majority owner the U.S. Government. 

General Motors is still in business, still selling cars, despite the federal bankruptcy filing.

General Motors was the king of the auto industry, and flaunted it.

G.M. worker Tim Birchmeier said, "It's bittersweet right now because we have hit rock bottom." 

Sweet because G.M. can survive. Bitter because more than a dozen plants will close. 

21,000 workers let go.  Including Reginald Miller, a 15 year G.M. employee.

"I thought my job was secure for life. I was with gm you know, I always thought that," said Miller.

The Autoworkers Union gets a 17 and a half percent ownership stake in the company.

The U.S. government 60% of G.M.'s stock for 50 billion dollars, 30 of that new. 

Conservative critics say it's too risky.  The president said he had no choice. 

"We are acting as reluctant shareholders  because that is the only way to help G.M. succeed. What we are not doing, what I have no interest in doing, is running G.M.," said Obama.

That's CEO Fritz Henderson's job.  He claims the old G.M., that he admits let many car and truck buyers down, is history, "We look forward to the chance to win your business and earn back your trust give us another chance," said Henderson.

A new G.M. out of bankruptcy and headed into the black could be 3 months away.

That's Henderson's plan and Barack Obama's.

The president is encouraged by Chrysler that on Monday emerged from bankruptcy, merged with fiat and ready to go. 

But Mr. Obama notes:  G.M.'s case is more complicated.

  • Trending StoriesTrending StoriesMore>>

  • Accused serial rapist and killer undetected working as cop

    Accused serial rapist and killer undetected working as cop

    Thursday, April 26 2018 2:39 AM EDT2018-04-26 06:39:08 GMT
    Thursday, April 26 2018 11:24 AM EDT2018-04-26 15:24:10 GMT
    (AP Photo/Rich Pedroncelli). Sacramento County Sheriff Scott Jones, left, talks to reporters about the arrest Joesph James DeAngelo, seen in photo, on suspicion of committing a string of violent crimes in the 1970's and 1980's after a news conference. ...(AP Photo/Rich Pedroncelli). Sacramento County Sheriff Scott Jones, left, talks to reporters about the arrest Joesph James DeAngelo, seen in photo, on suspicion of committing a string of violent crimes in the 1970's and 1980's after a news conference. ...

    The suspected Golden State Killer became less prolific but deadlier after losing his job as a police officer.

    More >>

    The suspected Golden State Killer became less prolific but deadlier after losing his job as a police officer.

    More >>
  • Texas gang member executed for killing girl, grandmother

    Texas gang member executed for killing girl, grandmother

    Wednesday, April 25 2018 12:55 AM EDT2018-04-25 04:55:40 GMT
    Thursday, April 26 2018 1:23 AM EDT2018-04-26 05:23:56 GMT
    (Texas Department of Criminal Justice via AP). This undated photo provided by the Texas Department of Criminal Justice shows Erick Davila. Attorneys for the Texas death row inmate want the U.S. Supreme Court to halt his scheduled execution this week fo...(Texas Department of Criminal Justice via AP). This undated photo provided by the Texas Department of Criminal Justice shows Erick Davila. Attorneys for the Texas death row inmate want the U.S. Supreme Court to halt his scheduled execution this week fo...
    Attorneys for a condemned Texas prisoner are asking the US Supreme Court to halt his execution for killing a young girl and her grandmother in 2008.More >>
    Attorneys for a condemned Texas prisoner are asking the US Supreme Court to halt his execution for killing a young girl and her grandmother in 2008.More >>
  • Drunken mom accused of letting kid drive, police say

    Drunken mom accused of letting kid drive, police say

    Thursday, April 26 2018 9:29 AM EDT2018-04-26 13:29:18 GMT
    Thursday, April 26 2018 9:32 AM EDT2018-04-26 13:32:22 GMT

    Sheboygan County sheriff`s deputies arrived and pulled her over. Hauke denies her 12-year old daughter was in her lap, steering the car. Dashcam video shows she also was reluctant to speak with deputies.

    More >>

    Sheboygan County sheriff`s deputies arrived and pulled her over. Hauke denies her 12-year old daughter was in her lap, steering the car. Dashcam video shows she also was reluctant to speak with deputies.

    More >>
  • NewsMore>>

  • 1 arrested in connection to April 16 Holtville homicide

    1 arrested in connection to April 16 Holtville homicide

    Thursday, April 26 2018 11:26 AM EDT2018-04-26 15:26:27 GMT
    Ephram Brown (Source: Elmore County Sheriff's Office)Ephram Brown (Source: Elmore County Sheriff's Office)

    The Elmore County Sheriff's Office has arrested a suspect in connection to an April 16 homicide in Holtville.

    More >>

    The Elmore County Sheriff's Office has arrested a suspect in connection to an April 16 homicide in Holtville.

    More >>
  • Accused serial rapist and killer undetected working as cop

    Accused serial rapist and killer undetected working as cop

    Thursday, April 26 2018 2:39 AM EDT2018-04-26 06:39:08 GMT
    Thursday, April 26 2018 11:24 AM EDT2018-04-26 15:24:10 GMT
    (AP Photo/Rich Pedroncelli). Sacramento County Sheriff Scott Jones, left, talks to reporters about the arrest Joesph James DeAngelo, seen in photo, on suspicion of committing a string of violent crimes in the 1970's and 1980's after a news conference. ...(AP Photo/Rich Pedroncelli). Sacramento County Sheriff Scott Jones, left, talks to reporters about the arrest Joesph James DeAngelo, seen in photo, on suspicion of committing a string of violent crimes in the 1970's and 1980's after a news conference. ...

    The suspected Golden State Killer became less prolific but deadlier after losing his job as a police officer.

    More >>

    The suspected Golden State Killer became less prolific but deadlier after losing his job as a police officer.

    More >>
  • Geologists say N. Korea's nuclear test site likely collapsed

    Geologists say N. Korea's nuclear test site likely collapsed

    Wednesday, April 25 2018 9:28 PM EDT2018-04-26 01:28:35 GMT
    Thursday, April 26 2018 11:22 AM EDT2018-04-26 15:22:44 GMT
    A study by Chinese geologists shows the mountain where North Korea has conducted five successive nuclear bomb tests has collapsed. North Korean leader Kim Jong Un recently announced an end to the nation’s nuclear testing. (AP Photo/Wong Maye-E)A study by Chinese geologists shows the mountain where North Korea has conducted five successive nuclear bomb tests has collapsed. North Korean leader Kim Jong Un recently announced an end to the nation’s nuclear testing. (AP Photo/Wong Maye-E)
    A study by Chinese geologists shows the mountain where North Korea has conducted five successive nuclear bomb tests has collapsed. North Korean leader Kim Jong Un recently announced an end to the nation’s nuclear testing. (AP Photo/Wong Maye-E)A study by Chinese geologists shows the mountain where North Korea has conducted five successive nuclear bomb tests has collapsed. North Korean leader Kim Jong Un recently announced an end to the nation’s nuclear testing. (AP Photo/Wong Maye-E)

    A study by Chinese geologists shows the mountain where North Korea has conducted five successive nuclear bomb tests has collapsed.

    More >>

    A study by Chinese geologists shows the mountain where North Korea has conducted five successive nuclear bomb tests has collapsed.

    More >>
Powered by Frankly