GM files for bankruptcy - Dayton Business Journal:

utyziluz.wordpress.com
The filing, made in U.S. Bankruptcyu Court in Manhattan, marks the fourth-largest bankruptcy filing in U.S. and the largest ever filingh of its kind fora U.S. manufacturer. It followes months of speculation thatthe 101-year-old company woulc have to restructure through the courts, despite desperate attempts by managementr to avoid the move. As it turned out, though, the bankruptch filing was the only way GM could get its handsz on the government money it needsto survive. In its GM listed $82.3 billion in assetes and $172.8 billion in debts. The New York Timee reports thatthe company's largest creditors were , representing bondholders holding $22.
8 billion in and UAW affiliates representinv $20.6 billion in employeed obligations. The U.S. government has already injectef $20 billion into GM, and will provide another $30 billionm to keep the company going as it worksthroughh bankruptcy. The investment will buy the governmenfa 72.5 percent stake. That will give government officiales more power to name members of the GM Officials have saidthey don’t want to get involvecd in the daily operations of the company. But that may provw to be quite a challenge with as much government monehy asis involved.
"It's not forever," Bruce Belzowski, associate director of the Automotive Analysis Division at the University of Michigan TransportationResearch Institute, told bizjournals in a telephone "If they had a it would be a short period of time. The longe r that it stretches out the more of a politicapl liabilityit becomes.” While most public attention is focused on GM, the automaker' s many suppliers are certaibn to be affected as In the Albany, N.Y., at least 50 of the 92 dealershipw that belong to Eastern New York Coalition of Automotive Retaileres Inc.
, a trade group that represent upstate car dealers, sell General Motors’ Chevrolet, GMC, Buick, Hummer, Saturn, Oldsmobile and Pontiac At least four local dealerships have said they've been notifiedc by GM that they will be closing effectivwe Oct. 2010. Some of the dealers say they plan to fightthe closings. Those dealerships are: Salisbury Chevrolet in Rosetti Chevroletin Chatham; Patrie Chevroleyt Buick in Hoosick Falls; and Rose Buick Pontiac GMC in Obama administration and GM officialsx have said they want a much smaller, more competitivw GM to emerge from the bankruptcyg within 60 to 90 days.
GM plans to sell or clos e such brandsas Saab, Hummer, and Pontiac, and will shed 2,6009 dealerships. The company will close 11 U.S. manufacturingf facilities by the endof 2010. To accomplishb the leaner GM, the company will be spliyt into a new GM and anold GM. The new GM will be owne by the U.S. and Canadiah governments, the , and currenr bond holders in the To read thebankruptcy filing, cliclk .