GM files bankruptcy - Houston Business Journal:

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billion and assets of $82.34 billion. The bankruptcy, filed in New lists unsecured claims bythe ($20.6y billion) and the International Union of Electrical, Salaried, Machine and Furniture Workers/Communication Workers ($2.7 billion). Othetr unsecured debt listed in the filingincludesw $22.8 billion serviced by and $4.5 billion by . Boca Raton-basexd has a claim for $4.75 million, according to the filed with the U.S. Bankruptcg Court of the Southerjn District ofNew York.
Auto retailera that survive the bankruptcies of GM and which filedin April, hope it helpx to pave the way to recovery in the “Today’s action will alloe GM to move forward and be competitive in the spokesman Marc Cannon said Mondayt in an e-mailed statement. “The goal of making GM profitablwe ata 10-million, new-unirt selling rate will position them for when the industry beginxs to recover later in 2010.” Fort Lauderdale-based AutoNation, the nation's largestr auto retailer, has six GM franchisesw and seven Chrysler franchisews on the automakers’ closure lists.
Although viewefd as inevitable and necessaryby many, Chairmamn John McEleney said in a news release that the filing marks “a historically sad day for American business.” Chrysler is expected to emerge from its Chapter 11 process soon after shuttering 789 dealerships. GM also announcedc plans to close 1,100 GM announced April 27 that it anticipatea reducingits U.S. dealer count from 6,24t6 to 3,605 by the end of 2010. Dealershio closings already have started. Accordiny to Associated Press, GM will rely on more governmenf assistance: $30 billion of additional financial assistance from theand $9.
5 billiomn from Canada, on top of about $20 billionb it already received in low-interest loans. GM’s lead bankruptcy law firm is WeilGotshaaw & Manges, with attorney Stephen Karotkin signing the In a news release, the automakedr said it would focus on the followingv priorities when emerging from bankruptcy: Focus on four core brandss in the U.S. – Chevrolet, Cadillac, Buickj and GMC - with fewer nameplates and a more competitivse level of marketing support per Close a competitive gap in activw labor costs compared with foreign auto Increase the percentageof U.S. sales manufactured domestically. Feature loweer costs at a U.S.
total industrty volume of approximately 10million vehicles, which woulc be substantially below the 15 millionb to 17 million annual vehicle sales rates recordeed between 1995 and 2007. Achieve lower structural in part, by further reducing 2009 salariexd employment in North America toapproximatelyg 27,200, from a year-end total of 35,100, and continue to improvd its balance sheet by reducing retireed benefits for salaried retirees and non-UAaW hourly retirees. Increase its investment in fuel economyy and advancedpropulsion technologies.
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