Prospective car buyers and GM car owners take note — GM has just filed for Chapter 11 bankruptcy protection. The survival of Orange County GM dealerships is unclear, but will be determined over the next two or three months, which is approximately how long the restructuring is expected to take. Orange County GM dealerships are located in: Anaheim, Buena Park, Costa Mesa, Foothill Ranch, Irvine, Laguna Niguel, Tustin, and Westminster.
From the Los Angeles Times online:
President Obama said that pushing General Motors Corp. into bankruptcy today was a painful but necessary step to revive the legendary automaker, saving thousands of jobs and avoiding another direct hit to the struggling economy.
“‘Working with my auto task force, GM and its stakeholders have produced a viable, achievable plan that will give this iconic American company a chance to rise again,’ Obama said at the White House just hours after the company filed for bankruptcy protection this morning in a Manhattan courtroom…
‘Simply loaning GM more money, instead of taking equity in the company, would have continued to saddle GM with ‘irresponsibly large debt,’ the reason the company is in its current dire position, Obama said.
‘We are acting as reluctant shareholders because that is the only way to help GM to succeed,’ he said. ‘What we are not doing, what I have no interest in doing, is run GM.’”
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