The GM bankruptcy is going to speed things up very quickly. GM and the government have prepackaged this bankruptcy so it should be very quick approximately 60-90 days... the assets will be transferred to a new GM. There will be issues to be resolve in the old GM for approximately 2-3 years.
GM has apparently sold the Hummer brand to a Chinese manufacturer....Sichuan Tegzhog Heavy Industrial Machinery Co. Sichuan Tengzhog manufacturers road construction materials, plastics, and other industrial businesses. I have predicted for a while that the Chinese wanted to enter the U.S. market. I am surprised that one of the Chinese auto companies did not purchase Hummer...since Hummer already has a built in dealer network.
GM will manufacturer Hummers at the GM Shreveport, Louisiana plant thru 2010. It is estimated that the sale will save 3000 jobs temporarily between the plant, dealers and suppliers.
Summary:
I personally would not recommend that we sell U.S. assets to the Chinese. I am not a fan of the Chinese government economic practices or the business practices of many Chinese companies.
The Chinese have kept their currency artificially low so they can get more revenue and sales from the U. S. In the meantime, they have not purchased sufficient U.S. goods to have balanced trade.
The Chinese will keep production in the U.S. temporarily but then transfer the manufacturing to China. So, most of the U.S. jobs will be lost in 2-3 years. Hummer also supplies the military with the military Humvee! Are we now going to buy our military equipment from China?
