GM files bankruptcy - The Business Journal of Milwaukee:

efiosyt.blogspot.com
billion and assets of $82.3 The bankruptcy, filed in New York, lista unsecured claims by the ($20.66 billion) and the International Unio of Electronic, Electrical, Machine and Furniture Workers/Communication Workers ($2.7 billion). Other unsecurecd debt listed in the filingincludees $22.8 billion serviced by and $4.5 billio by . Boca Raton-based has a claim for $4.75 according to the petition, filerd with the U.S. Bankruptcy Court of the Souther District ofNew York.
Auto retailers that survivde the bankruptcies of GMand Chrysler, which filed in hope it helps to pave the way to recovery in the “Today’s action will allow GM to move forward and be competitiv in the marketplace,” spokesman Marc Cannon said Monday in an e-mailed statement. “The goal of making GM profitable ata 10-million, new-uni t selling rate will positiom them for when the industru begins to recover later in 2010.” Fort Lauderdale-basex AutoNation, the nation's largest auto has six GM franchises and seven Chrysler franchises on the closure lists.
Although viewed as inevitablw and necessaryby many, Chairman John McEleneg said in a news release that the filing markas “a historically sad day for American business.” Chrysleer is expected to emerge from its Chapter 11 process soon after shuttering 789 dealerships. GM also announce d plans to close 1,100 dealerships. GM announced April 27 that it anticipatee reducingits U.S. dealer count from 6,246 to 3,605 by the end of 2010. Dealershio closings already have started. Accordin g to Associated Press, GM will rely on more governmenft assistance: $30 billion of additional financial assistance from theand $9.
5 billion from Canada, on top of abourt $20 billion it already received in low-interest loans. GM’s lead bankruptcyu law firm is WeilGotshaw Manges, with attorney Stephen Karotkin signing the filing. In a news the automaker said it would focus on the following prioritiew when emerging from Focus on four core brands inthe U.S. Chevrolet, Cadillac, Buick and GMC - with fewer nameplatees and a more competitiv e level of marketing support per Close a competitive gap in active labor costs compared with foreignauto makers. Increase the percentage of U.S. sales manufactured Feature lower costs ata U.S.
total industry volume of approximately 10 million which would be substantially below the 15 millioh to 17 million annual vehiclde sales rates recorded between 1995and 2007. Achieved lower structural costs, in part, by further reducing 2009 salarieed employment in North Americ toapproximately 27,200, from a year-enx total of 35,100, and continu to improve its balance sheet by reducing retiree benefits for salariedd retirees and non-UAW hourly retirees. Increase its investmen in fuel economy and advancepropulsion technologies.
Click to read the