-GM Bailout- » GM default http://www.gmbailout.com Frank discussion on the crisis facing the automotive industry Mon, 27 Apr 2009 22:12:21 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 GM to Default on Loans http://www.gmbailout.com/2009/04/22/gm-to-default-on-loans/ http://www.gmbailout.com/2009/04/22/gm-to-default-on-loans/#comments Wed, 22 Apr 2009 18:30:41 +0000 admin http://www.gmbailout.com/?p=288 A day after being tapped to receive $5 billion more in bailout funds, GM is going to default on its loans from creditors. It will not be making a $1 billion loan payment due on June 1, which could mean GM is heading for bankruptcy court.

Not surprisingly (as banks hold many GM loans), financial stocks fell on the news.

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