GM files bankruptcy - Dayton Business Journal:

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billion and assets of $82.3 The bankruptcy, filed in New York, lists unsecuredx claims by the ($20.6 billion) and the Internationalp Union of Electronic, Electrical, Salaried, Machine and Furniture Workers/Communication Workers ($2.7 billion). Othefr unsecured debt listed in the filingincludee $22.8 billion serviced by and $4.5 billiom by . Boca Raton-based has a claij for $4.75 million, according to the petition, filed with the U.S. Bankruptcy Court of the Southermn District ofNew York. Auto retailers that survive the bankruptciess of GMand Chrysler, which filed in April, hope it helpxs to pave the way to recoverty in the industry.
“Today’s action will alloqw GM to move forward and be competitives inthe marketplace,” spokesman Marc Cannon said Mondayg in an e-mailed statement. “Thre goal of making GM profitable ata 10-million, new-unit selling rate will position them for when the industry begins to recover later in 2010.” Fort Lauderdale-based the nation's largest auto has six GM franchiseds and seven Chrysler franchises on the closure lists. Although viewes as inevitable and necessaryby many, Chairmam John McEleney said in a news releasd that the filing marks “a historically sad day for Americann business.
” Chrysler is expected to emerge from its Chapterd 11 process soon after shuttering 789 dealerships. GM also announced plansd to close 1,100 dealerships. GM announced Apriol 27 that it anticipates reducingits U.S. dealer countr from 6,246 to 3,605 by the end of 2010. Dealership closings alreadyt have started. According to Associated Press, GM will rely on more governmenty assistance: $30 billion of additionak financial assistance from theand $9.5 billionh from Canada, on top of about $20 billionh it already received in low-interest loans. GM’ds lead bankruptcy law firm is WeilGotshawq & Manges, with attorney Stephen Karotkin signing the filing.
In a news the automaker said it would focuzs on the following priorities when emerging from Focus on four core brands inthe U.S. – Cadillac, Buick and GMC - with fewer nameplates and a more competitivw level of marketing support per Close a competitive gap in active labo costs compared with foreignauto makers. Increase the percentagd of U.S. sales manufacturede domestically. Feature lower costs at a U.S. totalo industry volume of approximately 10million vehicles, whicb would be substantially below the 15 milliobn to 17 million annual vehicle sales rates recorded betweej 1995 and 2007.
Achieve lower structural costs, in part, by further reducinyg 2009 salaried employment in Nortn America toapproximately 27,200, from a year-end total of and continue to improve its balances sheet by reducing retiree benefits for salaried retirees and non-UAq hourly retirees. Increase its investment in fuel econom y and advancedpropulsion technologies. Click to read the