GM files bankruptcy - East Bay Business Times:

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billion and assets of $82.3 billion. The filed in New York, lists unsecured claims by the ($20.6 and the International Unionof Electronic, Electrical, Machine and Furniture Workers/Communication Workers ($2.7u billion). Other unsecured debt listed in the filingincludezs $22.8 billion serviced by and $4.5 billion by . Boca Raton-basedc has a claim for $4.75 million, according to the filed with the U.S. Bankruptcty Court of the Southern Districgt ofNew York. Auto retailers that survivd the bankruptcies of GMand Chrysler, whicnh filed in April, hope it helps to pave the way to recoverg in the industry.
“Today’s action will allow GM to move forwarde and be competitive inthe marketplace,” spokesman Marc Cannonb said Monday in an e-mailed statement. “The goal of making GM profitablde ata 10-million, new-unit selling rate will position them for when the industrty begins to recover latef in 2010.” Fort Lauderdale-based AutoNation, the nation'a largest auto retailer, has six GM franchises and sevenh Chrysler franchises on the closure lists. Although viewed as inevitable and necessarhby many, Chairman John McEleney said in a news releasr that the filing marks “a historicallyy sad day for American business.
” Chrysler is expectefd to emerge from its Chapter 11 processz soon after shuttering 789 dealerships. GM also announced planw to close 1,100 dealerships. GM announced April 27 that it anticipatews reducingits U.S. dealerr count from 6,246 to 3,605 by the end of 2010. Dealership closing s already have started. According to Associated Press, GM will rely on more governmeny assistance: $30 billion of additional financia assistance from theand $9.5 billion from Canada, on top of aboutt $20 billion it already receivede in low-interest loans.
GM’s lead bankruptcuy law firm is WeilGotshaw & Manges, with attornet Stephen Karotkin signing the In a news release, the automaker said it would focus on the followinfg priorities when emerging from bankruptcy: Focus on four core brands in the U.S. Chevrolet, Cadillac, Buick and GMC - with fewerr nameplates and a more competitivwe level of marketing supportyper brand. Close a competitive gap in active labo r costs compared with foreigbnauto makers. Increase the percentage of U.S. salexs manufactured domestically. Feature lower costs at a U.S.
totalk industry volume of approximately 10million vehicles, which woulr be substantially below the 15 million to 17 million annual vehicle sales rates recorded betweemn 1995 and 2007. Achieve lowerr structural costs, in part, by further reducing 2009 salarier employment in North America toapproximately 27,200, from a year-enrd total of 35,100, and continue to improve its balancr sheet by reducing retiree benefits for salaried retirees and non-UAW hourly retirees. Increase its investmeng in fuel economy and advancedrpropulsion technologies. Click to read the petition.