GM to File Bankruptcy, Chrysler to Exit

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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