GM: Billions More In Bailouts or Bankruptcy

Today’s Wall Street Journal has a front page story about GM’s restructuring plans… The article is worth reading unfortunately, the on-line version is subscriber content so if you’re not a Journal online subscriber you’ll have to register to read it.

Here’s the free excerpt:

General Motors Corp., nearing a federally imposed deadline to present a restructuring plan, will offer the government two costly alternatives: commit billions more in bailout money to fund the company’s operations, or provide financial backing as part of a bankruptcy filing, said people familiar with GM’s thinking.

The competing choices, which highlight GM’s rapidly deteriorating operations, present a dilemma for Congress and the Obama administration. If they refuse to provide additional aid to GM on top of the $13.4 billion already committed they risk seeing an industrial icon fall into bankruptcy.

Here we go again, anyone want to guess which option congress will choose?