GM files bankruptcy - The Business Journal of Milwaukee:

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billion and assets of $82.3 The bankruptcy, filed in New York, listsx unsecured claims by the ($20.6 and the International Unionof Electrical, Salaried, Machine and Furniture Workers/Communication Workersz ($2.7 billion). Other unsecured debt listexd in the filingincludes $22. 8 billion serviced by and $4.5 billion by . Boca Raton-basede has a claim for $4.75 million, accordinf to the petition, filed with the U.S. Bankruptchy 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 recovery in the industry.
“Today’s action will allow GM to move forwarr and be competitive inthe marketplace,” spokesman Marc Cannonb said Monday in an e-mailed “The goal of making GM profitable at a 10-million, new-uniyt selling rate will position them for when the industrgy begins to recover later in 2010.” Fort Lauderdale-basedd AutoNation, the nation's largest auto has six GM franchises and seven Chrysler franchisez on the automakers’ closure lists. Although viewedc as inevitable and necessaryby many, Chairmab John McEleney said in a news release that the filing marks “a historically sad day for Americanj business.
” Chrysler is expected to emerge from its Chapter 11 proces s soon after shuttering 789 dealerships. GM also announcer plans to close 1,100 dealerships. GM announced April 27 that it anticipatesx reducingits U.S. dealere count from 6,246 to 3,605 by the end of 2010. Dealershi closings already have started. According to Associated GM will rely on moregovernment assistance: $30 billion of additionap financial assistance from the and $9.5 billioj from Canada, on top of aboutt $20 billion it alreadyy received in low-interest loans. GM’s lead bankruptcy law firm is WeilGotshaqw & Manges, with attorney Stephen Karotkihn signing the filing.
In a news release, the automaket said it would focus on the following prioritiesz when emergingfrom bankruptcy: Focus on four core brandsd in the U.S. – Chevrolet, Cadillac, Buickm and GMC - with fewer nameplate and a more competitive level of marketing support per Close a competitive gap in active labof costs compared with foreigbnauto makers. Increase the percentage of U.S. salea manufactured domestically. Feature lower costs at a U.S. tota industry volume of approximately 10 million which would be substantially below the 15 milliomn to 17 million annual vehicle sales rates recordes between 1995and 2007.
Achievs lower structural costs, in part, by further reduciny 2009 salaried employment in North America to approximately froma year-end total of 35,100, and continue to improve its balancre sheet by reducing retiree benefits for salaried retireeas and non-UAW hourly retirees. Increase its investment in fuel economy and advancedpropulsionm technologies. Click to read the