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Sunday, May 31, 2009

General Motors is ready to file for bankruptcy reorganization at 8 am Monday. Bondholders approved the plan, more or less, says Reuters here. Turnaround specialist Al Koch, who tried to fix Kmart, will help Obama-approved GM boss Fritz Henderson dispose of parts of the carcass. This according to unnamed people cited by Bloomberg's report here.

Posted by Joseph N. DiStefano @ 9:41 PM  Permalink | 1 comment
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About Joseph N. DiStefano
Joseph N. DiStefano writes this blog to feed his PhillyDeals column in the Philadelphia Inquirer. Joe has been a member of Bloomberg LP’s New York Finance Team, wrote the book “Comcasted,” taught writing at St. Joseph’s University, and studied economics and history at Penn. Reach Joe at 215-854-5194 and JoeD@phillynews.com