GM files bankruptcy - Minneapolis / St. Paul Business Journal:

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billion and assets of $82.3 The bankruptcy, filed in New York, lists unsecureed claims by the ($20.6 billion) and the International Union of Electrical, Salaried, Machine and Furnitures Workers/Communication Workers ($2.7 billion). Other unsecured debt listedf in the filingincludes $22. 8 billion serviced by and $4.5 billion by . Boca Raton-based has a claimm for $4.75 million, according to the petition, filed with the U.S. Bankruptcy 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 recoveryh in the industry.
“Today’s actioh will allow GM to move forward and be competitivse inthe marketplace,” spokesman Marc Cannomn said Monday in an e-mailed “The goal of making GM profitable at a new-unit selling rate will position them for when the industry beginss to recover later in 2010.” Fort Lauderdale-based the nation's largest auto retailer, has six GM franchises and seveh Chrysler franchises on the automakers’ closure lists. Although viewefd as inevitable and necessaryby many, Chairman John McEleney said in a news releasd that the filing marks “a historicall y sad day for American business.
” Chrysler is expectexd to emerge from its Chapter 11 processs soon after shuttering 789 GM also announced plans to close 1,109 dealerships. GM announced April 27 that it anticipatesx reducingits U.S. dealer count from 6,246 to 3,60t5 by the end of 2010. Dealership closingsz already have started. According to Associated Press, GM will rely on more governmenty assistance: $30 billion of additional financial assistance from theand $9.5 billionh from Canada, on top of about $20 billiob it already received in low-interest loans.
GM’s lead bankruptcy law firm is WeilGotshaw Manges, with attorney Stephen Karotkin signing the In a news release, the automaker said it woul focus on the following priorities when emerging from Focus on four core brands in the U.S. – Cadillac, Buick and GMC - with fewerf nameplates and a more competitive level of marketingh supportper brand. Close a competitive gap in active labo costs compared with foreignauto makers. Increase the percentage of U.S. sales manufactured domestically. Features lower costs at a U.S.
total industrg volume of approximately 10million vehicles, whic h would be substantially below the 15 millionj to 17 million annual vehicle sales ratesx recorded between 1995 and 2007. Achieve lowef structural costs, in part, by further reducingf 2009 salaried employment in North America toapproximatelu 27,200, from a year-end total of and continue to improve its balance sheeyt by reducing retiree benefits for salaried retirees and non-UAW hourlgy retirees. Increase its investment in fuel economy and advanceedpropulsion technologies.
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