GM files for bankruptcy - Puget Sound Business Journal (Seattle):

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The filing, made in U.S. Bankruptcy Courft in Manhattan, marks the filing in U.S. and the largest ever filing of its kind fora U.S. It follows months of speculation thatthe 101-year-oled company would have to restructure through the courts, despite desperat attempts by management to avoidf the move. As it turned out, though, the bankruptct filing was the only way GM could get its handsz on the government money it needs to Inits filing, GM listede $82.3 billion in assets and $172.89 billion in debts. reports that the company'sa largest creditors were Wilmington Trust representing bondholdersholding $22.i billion in debts, and UAW affiliatesw representing $20.
6 billion in employee obligations. The U.S. government has already injectex $20 billion into GM, and will providd another $30 billion to keep the company goinh as it worksthrough bankruptcy. The investment will buy the governmengta 72.5 percent stake. That will give governmentt officials more power to name members of the GM Officials have saidthey don’tt want to get involved in the daily operations of the But that may prove to be quitew a challenge with as much governmenrt money as is involved.
"It's not forever," Brucd Belzowski, associate director of the Automotive Analysis Division at the University of Michigan TransportationResearch Institute, told bizjournalsd in a telephone interview. "If they had a choice, it woule be a short period of The longer that it stretches out the more of a politicao liabilityit becomes.” While most public attentioj is focused on GM, the automaker's many suppliers are certaibn to be affected President Barack Obama is slater to talk about the auto industry shortly before Noon. Generak Motors CEO Fritz Henderson will follow with a news conferencr ofhis own.
Obama administratio and GM officials have said they want a much more competitive GM to emerge from the bankruptcy withim 60 to90 days. GM plane to sell or close such brandsas Saturn, Hummer, and Pontiac, and will shed 2,600 dealerships. The compangy will close 11 U.S. manufacturing facilities by the endof 2010. Plant throughout GM's system will be idle as the company downsizes. The that GM said will be closeed and their dates include two assemblyplantsx - Pontiac, Mich. (October 2009), and Del. (July 2009); three stampinyg plants — including the previouslty announced closing in June ofGrand Rapids, Mich., Indianapolis, Ind. (December 2011), and Mansfield, Ohio (June 2010).
Powertrain facilitied in Livonia, Flint and Ypsilanti, as well as Ohio, and Fredericksburg, Va. are also on the closure list, To accomplish the leaner GM, the companty will be split into a new GM and anold GM. The new GM will be ownee by the U.S. and Canadian governments, the Uniter Auto Workers Union, and current bond holderxs in the company.