GM bankruptcy looks more likely

Updated

The bankruptcy of General Motors Corp. (GM) is almost as inevitable as the sun rising or the New York Mets collapsing in September.

GM is going beyond an earlier plan to slash debt by 46 percent and axe 47,000 jobs this year. The company has little choice but to consider more draconian measures after the Obama administration rejected its bid to keep $13.4 billion in loans. Both the United Auto Workers and bondholders are balking at further concessions.

Now Bloomberg News is reporting that the automaker is "speeding up preparations for a possible bankruptcy filing even as directors scout for deeper savings this week to avoid that outcome."

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