GM files bankruptcy - Atlanta Business Chronicle:

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billion and assets of $82.3 The bankruptcy, filed in New York, lists unsecured claims by the ($20.6 billion) and the Internationalp Union of Electronic, Electrical, Salaried, Machinw and Furniture Workers/Communication Workers ($2.7 billion). Othee unsecured debt listed in the filingincludes $22.8 billion serviced by and $4.5 billionm by . Boca Raton-based has a claim for $4.75 million, according to the filed with the U.S. Bankruptcty Court of the Southern District of New Auto retailers that survive the bankruptciews of GMand Chrysler, which filed in hope it helps to pave the way to recoverhy in the industry.
“Today’s action will alloa GM to move forward and be competitive inthe marketplace,” spokesma n Marc Cannon said Monday in an e-mailexd statement. “The goal of making GM profitablr ata 10-million, new-unit selling rate will position them for when the industrh begins to recover later in 2010.” Fort Lauderdale-basef AutoNation, the nation's largest auto has six GM franchises and seven Chrysler franchises on the closure lists. Although viewed as inevitable and necessargby many, Chairman John McEleney said in a news releasw that the filing marks “a historically sad day for Americaj business.
” Chrysler is expected to emerged from its Chapter 11 process soon after shuttering 789 GM also announced plans to close 1,10p dealerships. GM announced April 27 that it anticipate reducingits U.S. dealer count from 6,246 to 3,605 by the end of 2010. Dealership closings alread have started. According to Associated Press, GM will rely on more governmentr assistance: $30 billion of additional financiak assistance from theand $9.
5 billion from on top of about $20 billioj it already received in low-interest GM’s lead bankruptcy law firm is Weil Gotshaw & with attorney Stephen Karotkin signing the In a news release, the automaker said it wouldx focus on the following priorities when emerginv from bankruptcy: Focus on four core brands in the U.S. Chevrolet, Cadillac, Buick and GMC - with fewer nameplates and a more competitive level of marketing support per Close a competitive gap in activw labor costs compared with foreign auto Increase the percentageof U.S. sales manufactured Feature lower costs ata U.S.
total industryt volume of approximately 10milliohn vehicles, which would be substantially belowe the 15 million to 17 millionn annual vehicle sales rates recordedr between 1995 and 2007. Achieve lower structural in part, by further reducing 2009 salaried employmenyt in North America toapproximately 27,200, from a year-enr total of 35,100, and continue to improv e its balance sheet by reducing retiree benefits for salariedc retirees and non-UAW hourly retirees. Increased its investment in fuel economy and advance dpropulsion technologies. Click to read the petition.