GM in 'Intense' Planning for Bankruptcy

Firm could be split into 'old' and 'new' companies: insiders
By Matt Cantor,  Newser User
Posted Apr 7, 2009 1:10 PM CDT
Exterior view of General Motors' world headquarters in Detroit, March 30, 2009.    (AP Photo)
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(Newser) – General Motors is making “intense” and “earnest” preparations for the possibility of bankruptcy, a source tells Reuters today. The firm could be divided into a “new” and “old” GM, another insider said: The new company would be home to the firm’s healthiest units and take on some debt from bankruptcy, while the old company would house GM’s less-successful units.