The End Of GM?

courtesy of Mike Licht, NotionsCapital.com

Well, Today is the Day that GM will officially declare bankruptcy. I have to say that I am no financial wiz, and don’t quite understand how a company can declare bankruptcy and still be getting funding from the government, and how, if it has to idle 3 of its 10 plants according to plan, in one of the idled plants GM will start building the small car it has committed to.

So - I guess I am not quite right in my understanding of what bankruptcy meant - I thought it meant that a company no longer has the ability to pay back its debt and therefor is dismantled and put out of business.

Anyway, You can read a summery of what is about to happen to GM here.