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The airline industry rule about Chapter 11 is to file whenever necessary and file early while there is still cash on the balance sheet. GM (GM) and Chrysler may be learning the hard way the their cousins in the transportation business are right.
GM may have more cash than it is letting on. It depends on how long ago it stopped paying key suppliers. But, other direct costs like labor can’t be strung out so the car companies should have looked at their legal options a long time ago.
