All Blog Posts from Econwatch

The Chicago Cubs organization is considering filing for bankruptcy in a move that could expedite its sale, according to a Bloomberg report Monday.

The Tribune Co., the team's owner, filed for bankruptcy protection in December. A filing by the Cubs would be separate from its parent company and could insulate the team from the Tribune's creditors, four sources told Bloomberg.

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General Motors isn't worried about Chapter 11. All they're focused on is "Chapter One."

At least that's the message the automaker is hawking in its new 60-second ad set to begin airing Wednesday.

The spot, heavy on sports imagery and self-effacement, centers on the theme of reinvention – the new GM's goal after it emerges from the bankruptcy process it entered into Monday.

"Let's be completely honest. No company wants to go through this," the ad begins.

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As part of General Motors' bankruptcy filing, the automaker will be closing 9 new plants and idling three. The company will also close three service and parts centers.

Below is a list provided by GM, along with the effective dates (which may come earlier, as the market demands):

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While Chrysler may well be heading for bankruptcy, the White House is still holding out hope that the company survive.

"Our hope and expectation, and the president has said, [is that] the bankruptcy would be quick, not result in liquidation, and Chrysler would come out the other end a company ready, leaner, and able to compete," Vice President Joe Biden said on CBS' The Early Show Thursday.

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The Obama administration is weighing a "controlled bankruptcy" for General Motors Corp. if the floundering auto giant cannot meet government standards for viability by June 1, the New York Times reports Wednesday.

The move would fall somewhere between a prepackaged bankruptcy and a potentially chaotic legal battle between the company and creditors. It would involve persuading only some creditors to agree to a plan that would split the company into two pieces, sources familiar with the discussions told the Times.

In most prepackaged bankruptcies, all the creditors must agree terms, but the White House may circumvent that by financing the sales using taxpayer money, reports the paper.

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