As if General Motors isn't in enough trouble already, the company's shares took a steep fall today after several reports including one from the New York Times late on Sunday, claimed that the Obama administration wants the automaker to begin bankruptcy proceedings by 1 June. The firm's shares dropped 33 cents or 16 percent, to $1.71 this afternoon in New York Stock Exchange composite trading. GM, which is currently surviving thanks to $13.4 billion of emergency government loans, supports that it can still reorganize without filling for bankruptcy.
source: http://carscoop.blogspot.com
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