E85 pioneer General Motors readying for bankruptcy? June 1 deadline

In Michigan, reports surfaced that the US Department of the Treasury has ordered General Motors, recipient of $13.4 billion in federal aid, to prepare a “fast bankruptcy” as soon as June 1st, despite the automaker’s contention that it can reorganize its debt structure outside of bankruptcy court.

The company has not yet been able to ink a deal to convert $28 billion in debt into new equity, or secure an agreement with the United Auto Workers union. Speculation has also been rife that the “good assets” of GM will be sold off after a bankruptcy filing, leaving old brands, production plants and health care obligations to be liquidated.

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