As General Motors Corp. prepares to file for bankruptcy protection Monday, the company is painting a rosy picture of the future.
The automaker says a leaner, more innovative and profitable business will emerge during the Chapter 11 reorganization process. In one particularly optimistic scenario, GM believes it can begin making money again after two or three months, according to Bloomberg News.
GM plans to unload four of its eight U.S. divisions, including the Saturn and Hummer units. Bloomberg reported on Friday that Penske Automotive Group will buy the Saturn brand for between $100 million and $200 million.
After buying up $50 billion worth of the company’s debt, the U.S. government becomes GM’s major stakeholder.
GM stock dropped to 75 cents by the close of trading Friday.
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