"DETROIT (Reuters) - General Motors Corp said on Tuesday it could need a total of up to $30 billion in U.S. government aid -- more than doubling its original aid -- and would run out of cash as soon as March without new federal funding".. more
"DETROIT (AP) — General Motors Corp.'s restructuring proposal says the company may need up to $30 billion in government loans as it implements a survival plan that includes cutting 47,000 jobs and closing five more U.S. factories"..more
The stock has been bleeding ever since they got their first round of capital. Today the stock broke an important support level. The common will keep getting diluted with debt-to-equity conversions and Govt ownership priorities. We'll see what happens here, either they file Chapter 11 with Govt assistance or limp along with $30 billion in aide and restructure out of court.. Chart Source: stockcharts.com.
For more in depth analysis of the plan go to Zero Hedge.
GM Plan - Free Legal Forms
On a similar note read this next article. The whole supply chain is dying. Auto Suppliers Seek $25.5 Billion Government Bailout