Apparently, there is some strange U.S. rule that that allows only one major auto manufacturer to be in bankruptcy at any given time.
We may see a brief overlap, as GM’s filing today seems to be pushing Chrysler out the courthouse door. Hardly a boost to the recession.
But, do not expect to see GM’s restructuring happen so quickly. They are a much bigger, more complex, and more debt-ridden entity. (At least they once were . . .)
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Note: Motor vehicle sales will be trickling out all day today, expected to be under 10 million units.
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chart via NYT
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