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Thanks to decades of mismanagement, General Motors Corp. (NYSE: GM) is on the brink of bankruptcy. It has about six weeks to accept the outlines of a Treasury plan and fill in its blanks.
And GM will not simply be liquidated -- instead, $77 billion more in taxpayer money (on top of the $13.4 billion it has already received) will be needed for GM to die a good death and be reborn as a smaller company.
How will this work? Using a section 363 bankruptcy, about which I posted here, the good part of GM -- such as Chevrolet, GM's Chinese operations, and Cadillac -- will go into a new company in the next two weeks with the help of $7 billion in U.S. debt. And the bad part -- everything else will require $70 billion more in U.S. debt to cover GM's health care obligations and the liquidation of the factories making all of GM's other products.
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