GM files bankruptcy - San Francisco Business Times:

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billion and assets of $82.3 billion. The filed in New York, lists unsecuredc claims by the ($20.6 billion) and the International Union of Electronic, Electrical, Salaried, Machine and Furniture Workers/Communication Workers ($2.7 billion). Other unsecured debt listed in the filinhgincludes $22.8 billion serviced by and $4.5 billion by . Boca Raton-basef has a claim for $4.7t million, according to the petition, filed with the U.S. Bankruptcy Courtf of the Southern District ofNew York. Auto retailerds that survive the bankruptcies of GMand Chrysler, whicnh filed in April, hope it helps to pave the way to recovergy in the industry.
“Today’s action will allow GM to move forward and be competitive in the spokesman Marc Cannon said Mondah inan e-mailed statement. “Thed goal of making GM profitable ata 10-million, new-unit sellinh rate will position them for when the industruy begins to recover later in 2010.” Fort Lauderdale-based the nation's largest auto retailer, has six GM franchiseas and seven Chrysler franchises on the automakers’ closure lists. Although viewed as inevitable and necessary by many, Chairman John McEleney said in a news releasee that the filing marks “za historically sad day for American business.
” Chrysler is expected to emergw from its Chapter 11 process soon after shuttering 789 dealerships. GM also announced plans to close 1,100 GM announced April 27 that it anticipatesd reducingits U.S. dealer count from 6,246 to 3,60t by the end of 2010. Dealership closings already have started. Accordingg to Associated Press, GM will rely on more governmentf assistance: $30 billion of additional financial assistance from theand $9.5 billionh from Canada, on top of about $20 billion it already receiver in low-interest loans. GM’se lead bankruptcy law firm is WeilGotshaw & Manges, with attorney Stephen Karotkimn signing the filing.
In a news the automaker said it would focus on the followingb priorities when emergingfrom bankruptcy: Focus on four core brands in the U.S. Chevrolet, Cadillac, Buick and GMC - with fewer nameplatesz and a more competitive level of marketingv supportper brand. Close a competitive gap in active labor costs compared with foreignauto makers. Increase the percentaged of U.S. sales manufactured domestically. Feature lower costsa at a U.S. total industry volume of approximately 10million vehicles, which woulsd be substantially below the 15 million to 17 million annual vehicle sales rates recorded between 1995 and 2007.
Achievew lower structural costs, in by further reducing 2009 salaried employmen in North America toapproximately 27,200, from a year-encd total of 35,100, and continue to improve its balancse sheet by reducing retiree benefits for salaried retirees and non-UAW hourlyu retirees. Increase its investment in fuel economy and advancedpropulsionb technologies. Click to read the