GM: Better Late Than Never (CANADA)

General Motors Corp. is wise not to have waited until the 11th hour to deliver a strenuous restructuring plan, as Chrysler LLC has done. General Motors has thus left itself a little more than a month to haggle over and refine the specifics, before the end-of-May deadline imposed by the U.S. government.

Chrysler is up against a similar deadline only a few days away, but the company may have scraped through by reaching agreements with the Canadian Auto Workers and the United Auto Workers.

The current upshot for the two insolvent automobile manufacturers is curious. General Motors is in effect orchestrating its own nationalization by the U.S. government, while Chrysler is submitting to a foreign takeover by Fiat SpA, in obedience to that same government.

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