GM Bankruptcy Would Send Shockwaves Through Economy
By Marius Meland
Law360, New York (February 9, 2006, 12:00 AM EST) -- With bonds holding steady at a junk rating and a new reorganization plan detailing a massive downsizing effort, General Motors looks to be teetering on the edge of bankruptcy. If the last-ditch efforts fail and the auto maker does succumb to financial pressures, it could send shockwaves across the industry, experts say.
GM has seen better days. Once the crown jewel of America's manufacturing economy, the company is now burdened with crippling legacy costs even as its market share continues to slide in the face of...