A few decades ago, this would have been unthinkable. It's not the ideal situation though it's much better than the other option, total failure. The impact across the US would be a serious challenge to an economy that is treading water. Some of the shareholders continue to complain though maybe they haven't calculated the full impact of 0 on the books. Washington Post:
The Obama administration is preparing to send General Motors into bankruptcy as early as the end of next week under a plan that would give the automaker tens of billions of dollars more in public financing as the company seeks to shrink and reemerge as a global competitor, sources familiar with the discussions said.
The move comes as the administration prepares to lift the nation's other faltering car company, Chrysler, from bankruptcy protection as soon as next week, industry sources said.
The shifts into and out of bankruptcy are landmarks in the Obama administration's attempt to broker a historic restructuring of the American auto industry in the space of months.
