A bankrupt General Motors Corp (GM.N) could be reorganized in as little as a month, a top bankruptcy attorney said on Thursday, and if the case lingered then a “tremendous sinkhole” could open in the U.S. economy, a Delaware bankruptcy judge said.
GM would have to reach agreement with most parties prior to filing and then move its healthy operations quickly to a new entity that is free of pre-bankruptcy liabilities, said Mark D. Collins, director of Richards, Layton & Finger in Wilmington, Delaware.
Meanwhile, all of the pre-bankruptcy debt would leave a tremendous sinkhole with the creditors who got left behind. Quick and painless, yeah, uh-huh.
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