According to Fox News, General Motors is preparing for a “surgical” bankruptcy. Essentailly, if GM is forced to file bankruptcy (that is, if the Obama administration is not satisfied with the company’s resctructuring plans), they want to take a very, very quick trip through bankruptcy, fast-tracking the whole process. All of the entities that GM owes money to, however, do not like the plan, as they feel their (substantial) interests may be breezed over.
Right now, GM wants to break itself into two bankruptcy-selves: A good side (Chevy and GM’s Chinese operations), and a bad side with, well, everything else.
If you ask me, if GM files for any kind of bankruptcy, it’s going to be one of those incredibly long, court decided deals.