When Will General Motors File Bankruptcy?

While there are many opinions regarding when and if General Motors will file bankruptcy, more and more of those opinions are now asking “when” rather than “if”. According to multiple sources, General Motors’ bankruptcy filing could happen in a matter of days.

Considering that the federal government has given GM a deadline of June 1st to find a suitable solution for all of their creditors and considering that GM’s creditors are far from happy, the writing appears to be on the wall. If the filing for bankruptcy doesn’t occur at the end of this week, it very well could take place at the beginning of next week.

When the bankruptcy process is all said and done, most industry experts believe that the United States government will be the one guiding the new GM ship. The government has already given General Motors more than $20 billion and will end up having to give the company many more billions. However, at this point, there doesn’t seem to be any other viable options.

Some experts are still holding out for a miracle and insist that the creditors could start changing their mind once everyone’s backs are against the wall, but that scenario appears to be a long-shot at this point.

General Motors Fountains (Image: Flickr)