Today there are reports that General Motors has issued paychecks to its workers earlier than normal in anticipation of a possible bankruptcy filing by Monday.
Dow Jones says the nation's largest carmaker is trying to calm nervous workers.
Once the nation's largest employer, General Motors has now shut down many of its assembly lines to save money.
Many analysts see a bankruptcy filing within days.
"This thing is going to be felt literally from coast to coast and its going to be extremely unpleasant while we're going thru it," said auto industry consultant Jim Hall.
The latest setback, investors owed billions by G.M. said no to swapping their bonds for a sliver share in the company.
It means no debt relief.
As G.M. faces President Obama’s Monday deadline to reorganize, he stuck to the big picture in California.
"When you look at the economy right now, I think it's safe to say that we have stepped back from the brink," said the president.
But G.M.'s failure could pile on job losses, as many as 40,000.
More dealers cut too. Cadillac dealer Ted Ecke in Whittier, California wants to think buyers will be back.
“If they can find a good excuse to go out and get a new car and they feel they can afford it and they're solid, they will,” said Ecke.
But it could be taxpayers buying up most of this iconic brand in bankruptcy.
Big money and some say big risk.
“We'd be buying a lot of stock in a company very cheap. What we don't know is whether that stock is so incredibly cheap because the future prospects are terrible or whether it’s possible to turn it around,” said Douglas Elliott an economist with the Brookings Institution.
Could G.M. follow Chrysler’s lead, into and likely out of bankruptcy?
G.M.’s a global and public company, and twice the size of its cross-town rival
Count its overseas operations and G.M.’s almost five times larger.
Far more complicated to wind down this company and analysts say look for the process to start next week.
