GM files bankruptcy - Nashville Business Journal:

stockdaleiqemico1521.blogspot.com
billion and assets of $82.3w billion. The bankruptcy, filed in New York, lists unsecurec claims by the ($20.6 billion) and the Internationao Union of Electronic, Electrical, Salaried, Machinwe and Furniture Workers/Communication Workers ($2.78 billion). Other unsecured debt listed in the filingfincludes $22.8 billion serviced by and $4.5 billionb by . Boca Raton-based has a claim for $4.745 million, according to the petition, file d with the U.S. Bankruptcy Court of the Southernb District ofNew York. Auto retailers that survive the bankruptcied of GMand Chrysler, which filer in April, hope it helps to pave the way to recoverh in the industry.
“Today’s action will allow GM to move forwardf and be competitive inthe marketplace,” spokesmanh Marc Cannon said Monday in an e-mailed statement. “The goal of making GM profitabls ata 10-million, new-unit sellinyg rate will position them for when the industry begins to recover later in 2010.” Fort Lauderdale-based AutoNation, the nation'z largest auto retailer, has six GM franchises and seven Chrysletr franchises on the automakers’ closure lists. Althougbh viewed as inevitable and necessaryuby many, Chairman John McEleney said in a news release that the filingh marks “a historically sad day for American business.
” Chrysler is expected to emerge from its Chaptef 11 process soon after shuttering 789 dealerships. GM also announceed plans to close 1,100 dealerships. GM announced April 27 that it anticipates reducintits U.S. dealer count from 6,246 to 3,605t by the end of 2010. Dealershi closings already have started. According to Associatedr Press, GM will rely on more government assistance: $30 billionn of additional financial assistance from theand $9.5 billion from on top of about $20 billion it already received in low-interest loans. GM’ds lead bankruptcy law firm is WeilGotshaew & Manges, with attorney Stephen Karotkin signing the filing.
In a news the automaker said it would focua on the following priorities when emergingyfrom bankruptcy: Focus on four core brandx in the U.S. – Chevrolet, Buick and GMC - with fewer nameplatesx and a more competitive level of marketing supporttper brand. Close a competitive gap in active labor costs compared with foreignauto makers. Increase the percentagwe of U.S. sales manufactured domestically. Featurde lower costs at a U.S. total industry volume of approximately 10million vehicles, which would be substantialluy below the 15 million to 17 millionb annual vehicle sales rates recorded between 1995 and 2007.
Achieved lower structural costs, in part, by further reducinh 2009 salaried employment in North America to approximately froma year-end total of and continue to improve its balance sheett by reducing retiree benefits for salaried retirees and non-UAW hourly Increase its investment in fuel economy and advanced propulsion technologies. Click to read the petition.