GM files bankruptcy - Pittsburgh Business Times:

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billion and assets of $82.3 billion. The bankruptcy, fileds in New York, listsw unsecured claims by the ($20.6 billion) and the Internationalo Union of Electronic, Electrical, Salaried, Machine and Furniture Workers/Communication Workers ($2.7 billion). Other unsecured debt listefd in the filingincludes $22.8 billion serviced by and $4.5 billiomn by . Boca Raton-based has a claim for $4.75 according to the petition, filed with the U.S. Bankruptcyy Court of the Southern District of New Auto retailers that survive the bankruptcies of GM and which filedin April, hope it helps to pave the way to recoveruy in the industry.
“Today’s action will allow GM to move forwarxd and be competitive inthe marketplace,” spokesman Marc Cannon said Mondayt in an e-mailed statement. “The goal of makinfg GM profitable ata 10-million, new-unirt selling rate will position them for when the industry begins to recover later in 2010.” Fort Lauderdale-based AutoNation, the nation'ss largest auto retailer, has six GM franchisez and seven Chrysler franchises on the automakers’ closurr lists.
Although viewed as inevitables and necessaryby many, Chairman John McEleney said in a news releasde that the filing marks “a historically sad day for American Chrysler is expected to emerge from its Chapter 11 process soon afte r shuttering 789 dealerships. GM also announcefd plans to close 1,100 dealerships. GM announced Aprik 27 that it anticipates reducingits U.S. dealer couny from 6,246 to 3,605 by the end of 2010. Dealershipo closings already have started. According to Associatexd Press, GM will rely on more government $30 billion of additional financial assistanc from theand $9.5 billion from Canada, on top of about $20 billion it already received in low-interestt loans.
GM’s lead bankruptcy law firm is WeilGotshaaw & Manges, with attornety Stephen Karotkin signing the filing. In a news release, the automaketr said it would focus on the following priorities when emergintgfrom bankruptcy: Focus on four core brands in the U.S. Chevrolet, Cadillac, Buick and GMC - with fewer nameplates and a more competitivd level of marketing support per Close a competitive gap in activd labor costs compared with foreign auto Increase the percentageof U.S. sales manufactured Feature lower costs ata U.S.
total industry volumr of approximately 10million vehicles, which would be substantially below the 15 milliohn to 17 million annual vehicle salees rates recorded between 1995 and 2007. Achievew lower structural costs, in part, by further reducing 2009 salaried employmentf in North America toapproximately 27,200, from a year-ens total of 35,100, and continue to improve its balancer sheet by reducing retiree benefits for salaried retireesd and non-UAW hourly Increase its investment in fuel economuy and advanced propulsion Click to read the