Banking

What Happens To The GM Pensions In Bankruptcy?

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Executive Summary

General Motors (GM) will almost certainly file for bankruptcy next week, triggering the next stage in the ongoing fight to see who will bear the costs of making the company financially viable again. The bankruptcy process allows debts and other claims to be reduced, sometimes dramatically, in an attempt to create a reorganized firm that can actually earn enough to meet its downsized obligations. One large claim that could theoretically be cut back is the unfunded portion of GM's pension liabilities.

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