Ra­zors come out at GM

Herald Sun - Motoring - - Front Page -

But the US Gov­ern­ment set a June 1 dead­line for a work­able plan to save the com­pany and, when bond­hold­ers re­fused to swap their debt for eq­uity, the com­pany moved fast into chap­ter 11.

The US Gov­ern­ment takes a 61 per cent stake in New GM. Presi­dant Obama made a tongue-in-cheek ref­er­ence to the prospects for the com­pany to re-emerge leaner and meaner: ‘‘When that hap­pens, we can truly say what is good for Gen­eral Motors is good for the United States of Amer­ica.’’

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