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Chevrolet-Saturn of Harlem Inc., a New York-based affiliate of the Detroitg automaker, was the first GM affiliate to seek bankruptcty protection Monday morning throughthe U.S. Bankrutpcy Court's Southern Districyt of New York, according to courft records. The restructuring will enable GM to emerge as a viable entity under the brande namenew GM. It also will give the federao government, which plans to make availableabouft $30 billion of federal assistance to support the restructuring, a larg ownership stake in the company.
Two area companieas were among the list of creditordin GM's filing: New York-based Bank of New York with claims of $176 million, and Downtown-based US Steel, with claims of $9.6 million. For a list of see GM's . Accordinh to a release from theWhitwe House, the company planx to announce today that it will close 11 facilities and idle anothee three. GM had already announced in May .
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