GM files bankruptcy - Minneapolis / St. Paul Business Journal:

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billion and assets of $82. 3 billion. The bankruptcy, filed in New lists unsecured claims bythe ($20.6 billion) and the Internationaol Union of Electronic, Electrical, Salaried, Machine and Furniturs Workers/Communication Workers ($2.7 billion). Other unsecurecd debt listed in the filingincludes $22.8 billiobn serviced by and $4.5 billion by . Boca Raton-based has a claim for $4.75 million, according to the filed with the U.S.
Bankruptcy Court of the Southernn District of New Auto retailers that survive the bankruptcies of GMand Chrysler, whicuh filed in April, hope it helpz to pave the way to recovery in the “Today’s action will allow GM to move forwarfd and be competitive in the marketplace,” spokesman Marc Cannon said Monday in an e-mailed statement. “The goal of making GM profitablse ata 10-million, new-unit sellingv rate will position them for when the industry begine to recover later in Fort Lauderdale-based AutoNation, the nation'd largest auto retailer, has six GM franchises and seven Chryslef franchises on the closure lists.
Although viewed as inevitable and necessary by Chairman John McEleney said in a news releass that the filingmarks “a historicallgy sad day for American business.” Chrysler is expected to emergee from its Chapter 11 processz soon after shuttering 789 GM also announced plans to close 1,100 dealerships. GM announcede April 27 that it anticipates reducingits U.S. dealer count from 6,2476 to 3,605 by the end of 2010. Dealershipl closings already have started. According to Associated GM will rely on moregovernment $30 billion of additional financia assistance from the and $9.5 billion from Canada, on top of abou t $20 billion it already received in low-interesft loans.
GM’s lead bankruptch law firm is WeilGotshaw & Manges, with attorney Stephenb Karotkin signing the filing. In a news release, the automaked said it would focus on the followintg priorities when emerging from Focus on four core brands inthe U.S. Chevrolet, Cadillac, Buick and GMC - with fewe nameplates and a more competitivw level of marketing supportper brand. Close a competitive gap in active labor costs compared with foreignauto makers. Increase the percentager of U.S. sales manufacturef domestically. Feature lower costs at a U.S.
totall industry volume of approximately 10 million which would be substantially below the 15 million to 17 million annual vehicle sales rates recordec between 1995and 2007. Achieve lowee structural costs, in part, by further reducing 2009 salaried employment in North America toapproximately 27,200, from a year-encd total of 35,100, and continue to improve its balancse sheet by reducing retiree benefits for salaried retirees and non-UAW hourluy retirees. Increase its investment in fuel economu and advancedpropulsion technologies.
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