2023 Author: Eric Donovan | [email protected]. Last modified: 2023-08-25 09:36
GM is apparently close to filing for bankruptcy. The car manufacturer has brought forward its payments to its suppliers originally planned for June to the end of May.
The existence-threatened US automaker General Motors (GM) is intensifying its preparations for the impending bankruptcy. A company spokesman for the newspaper "Detroit Free Press" confirmed in a report on Thursday that the Opel parent had brought forward its next pending payments to many US suppliers by a few days from the beginning of June to the end of May. The payments are possible before a possible bankruptcy application at the end of the month.
Dramatic implications for car manufacturers
In the insolvency proceedings, all outstanding bills would initially not be paid. A default in payment could trigger a wave of bankruptcies among suppliers. According to the industry, this in turn would have dramatic consequences for other car manufacturers in the USA, including foreign manufacturers such as the German groups BMW and Daimler.
A few days ago, a number of GM's top managers had already sold their stock options. This already indicated an impending bankruptcy. (dpa)
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