Chapter 11 – it is for real

Today was a very sad day. A historic day but a sad one. General Motors officially applied for bankruptcy and has been taken off the Dow Jones for the first time in 83 years. GM just celebrated their 100th year last year. It is now Government Motors – but not for long.

The only people who really understand the pain of what they are going through are those that are in the industry and their families. Fritz Henderson, CEO of GM (or would that be Barack Obama now since the government owns the company), was emotionally choked up as he gave the grim news to all his staff this morning. For most of the people who worked at GM there was a legacy – their dads, moms, family had worked there in some capacity and/or they were passionate about cars.

Now with plants closing and more jobs scheduled for layoffs, many suppliers are going out of business. They tried so hard not to go into Chapter 11 but it did not work. The pain and the humiliation is similar to when you lose your home after you have tried everything to save it.

But what does not kill you makes you stronger and this step in the history of General Motors is what will make it come back to life kicking and screaming.
Here is hoping for the best.

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