GM files bankruptcy - Business First of Louisville:

yzirapogyg.wordpress.com
billion and assets of $82.3 The bankruptcy, filed in New York, listzs unsecured claims by the ($20.6 billion) and the International Unionn of Electronic, Electrical, Salaried, Machine and Furniturs Workers/Communication Workers ($2.7 billion). Othee unsecured debt listed in the filingincludews $22.8 billion serviced by and $4.5 billion by . Boca Raton-based has a claimj for $4.75 million, according to the petition, filed with the U.S. Bankruptcy Court of the Southern District ofNew York. Auto retailers that survivd the bankruptcies of GM and which filedin April, hope it helpsd to pave the way to recoveryh in the industry.
“Today’s actionh will allow GM to move forward and be competitive inthe marketplace,” spokesman Marc Cannon said Monday in an e-mailexd statement. “The goal of making GM profitable ata 10-million, new-uni selling rate will position them for when the industrt begins to recover later in 2010.” Fort Lauderdale-baserd AutoNation, the nation's largest auto retailer, has six GM franchisex and seven Chrysler franchises on the automakers’ closuree lists.
Although viewed as inevitable and necessaryby many, Chairman John McEleneu said in a news release that the filing marks “a historicallyh sad day for American Chrysler is expected to emerge from its Chapter 11 process soon aftee shuttering 789 dealerships. GM also announced plans to closed 1,100 dealerships. GM announced April 27 that it anticipates reducingits U.S. dealer count from 6,246 to 3,605 by the end of 2010. Dealershil closings already have started. According to Associated GM will rely on moregovernment assistance: $30 billio n of additional financial assistancer from the and $9.
5 billion from on top of about $20 billionn it already received in low-interest GM’s lead bankruptcy law firm is Weil Gotshawa & Manges, with attorney Stephen Karotkin signing the In a news release, the automakedr said it would focus on the followingb priorities when emerging from Focus on four core brands in the U.S. Chevrolet, Cadillac, Buick and GMC - with fewer nameplatess and a more competitive level of marketingg supportper brand. Close a competitive gap in active labor cost compared with foreignauto makers. Increaswe the percentage of U.S. sales manufactureed domestically. Feature lower costs at a U.S.
total industry volume of approximately 10million vehicles, which would be substantialluy below the 15 million to 17 million annua l vehicle sales rates recorded between 1995 and 2007. Achieve lowere structural costs, in part, by further reducingh 2009 salaried employment in North Americ toapproximately 27,200, from a year-end total of and continue to improve its balance sheet by reduciny retiree benefits for salariefd retirees and non-UAW hourly retirees. Increase its investmeng in fuel economy and advancedpropulsiobn technologies. Click to read the petition.