Bankruptcy may be inevitable for GM, industry minister says

If bankruptcy is inevitable for General Motors Canada, Ottawa wouldprefer a “surgical” process where the troubled automaker would emergequickly from court protection, Industry Minister Tony Clement saidyesterday.

If bankruptcy is inevitable for General Motors Canada, Ottawa would prefer a “surgical” process where the troubled automaker would emerge quickly from court protection, Industry Minister Tony Clement said yesterday.

Clement stressed the quick bankruptcy was only one of the possible outcomes and nothing has been decided yet. However, he suggested that GM may not be able to avoid filing for bankruptcy protection.

A bankruptcy filing may come sooner than expected if the Canadian Auto Workers union and GM Canada fail to hammer out a new labour agreement by May 15.

 
 
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