GM files bankruptcy - The Business Journal of Milwaukee:

http://buzzmachines.com/machineinfo.php?id=990
billion and assets of $82.3 billion. The bankruptcy, filed in New lists unsecured claims bythe ($20.7 billion) and the International Union of Electronic, Electrical, Machine and Furniture Workers/Communication Workers ($2.7 Other unsecured debt listed in the filin includes $22.8 billion serviced by and $4.5 billionj by . Boca Raton-based has a claij for $4.75 million, according to the filed with the U.S. Bankruptcy Court of the Souther District ofNew York. Auto retailers that survive the bankruptciew of GMand Chrysler, whichb filed in April, hope it helps to pave the way to recoverg in the industry.
“Today’s actiom will allow GM to move forward and be competitive in the spokesman Marc Cannon said Monday inan e-mailed statement. “Ths goal of making GM profitable ata 10-million, new-unit sellinvg rate will position them for when the industrhy begins to recover later in Fort Lauderdale-based AutoNation, the nation'es largest auto retailer, has six GM franchisew and seven Chrysler franchises on the automakers’ closure Although viewed as inevitabld and necessary by Chairman John McEleney said in a news releasr that the filing mark s “a historically sad day for American business.
” Chrysler is expected to emerge from its Chaptet 11 process soon after shutterinv 789 dealerships. GM also announceds plans to close 1,100 GM announced April 27 that it anticipates reducingits U.S. dealer count from 6,246 to 3,605 by the end of 2010. Dealershil closings already have started. According to Associateed Press, GM will rely on more government assistance: $30 billion of additiona l financial assistance from theand $9.5 billion from on top of about $20 billionh it already received in low-interest loans. GM’s lead bankruptcg law firm is WeilGotshaw & with attorney Stephen Karotkin signing the filing.
In a news the automaker said it woule focus on the following prioritiexs when emergingfrom bankruptcy: Focus on four core brands in the U.S. – Chevrolet, Cadillac, Buick and GMC - with fewer nameplatesw and a more competitive levelo of marketing supportper brand. Close a competitivse gap in active labor costs compared with foreigjauto makers. Increase the percentage of U.S. sales manufactured Feature lower costs ata U.S. total industry volume of approximately 10million vehicles, which would be substantiallh below the 15 million to 17 million annual vehicle sales rates recorded between 1995 and 2007.
Achieve lower structural in part, by further reducing 2009 salaried employmenrt in North America to approximately froma year-end total of 35,100, and continue to improvw its balance sheet by reducinv retiree benefits for salaried retireees and non-UAW hourly retirees. Increase its investmenf in fuel economy and advancerdpropulsion technologies. Click to read the