A former Ford Motor Company subsidiary has filed for Chapter 11 bankruptcy protection today. Visteon Corp. has been struggling with reduced demand from automakers as they have planned extended plant shutdowns this summer. Visteon is as important to Ford as Delphi Corp., is to General Motors.
Speaking about General Motors, or should I say Government Motors, it is planning to file for Chapter 11 bankruptcy protection in the next coming days. It will join Chrysler, LLC. in that feat. In the proposed GM deal at this time, bondholders representing $27 billion in debt would be offered 10 percent of a reorganized GM, according to Reuters. The rest of the deal is: U.S. Treasury would own 72.5 percent and the United Auto Workers would own 17.5 percent of the new GM.
Socialism is here to stay. The government is beginning to own everything.
Meanwhile, Press Secretary Robert Gibbs says that GM shareholders must sacrifice if the automaker is going to survive:
IN THE NEWS:
Associated Press: Visteon files for Chapter 11 bankruptcy protection
Reuters: GM makes new bondholder offer ahead of bankruptcy
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