Some things are never as they seem. That’s especially true when talking about the bankruptcy of General Motors. From afar, it’s easy to look at GM’s issue being one of decades of mismanagement, poorly built cars, and a certain, too-big-to-fail mindset. But closer to the situation, as the Detroit-based company was well and truly spiraling out of control in 2009, there was much more that the public wasn’t able to notice.
Forbes has a story from Jay Alix, the mastermind behind the innovative bankruptcy plan that ended up scooting GM through bankruptcy in a mere 40 days and likely saved the company from complete and utter collapse. It’s in quite stark contrast to what was going on publicly, especially when it came to former CEO Rick Wagoner. Wagoner was widely criticized in his last months as CEO, but as Alix points out, the actions taken during his tenure may have well been what allowed GM to survive the courts.
It’s not a short story, but it is an interesting, behind-the-scenes look at one of the biggest pieces of news of the last 10 years. Hop on over to Forbes for the entire read.
Originally posted here:
Read This: Architect of GM’s bankruptcy plan reveals how company was saved