Tuesday, February 17, 2009

Tennessee has a lot riding on GM restructuring; Saturn plant on potential casualty list to Feds

CNBC analysts say that GM's restructuring plan due today to the federal government could include the closing of its Saturn unit, which is a mainstay of the Midstate economy.

GM is on the ropes, and without federal bailout hope, will have to file for Chapter 11 bankruptcy reorganization.

So the company -- without any concessions from the UAW -- must show it is serious about turning around its fortunes. And that means cutting back drastically in its operations.

So the Saturn plant here could be one of the casualties in GM's efforts to survive.

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