GM files bankruptcy - Triangle Business Journal:

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billion and assets of $82.3 billion. The bankruptcy, filed in New lists unsecured claims bythe ($20.6 and the International Union of Electronic, Salaried, Machine and Furniture Workers/Communication Workers ($2.u7 billion). Other unsecured debt listed in the filinvgincludes $22.8 billion servicede by and $4.5 billion by . Boca Raton-based has a claim for $4.75 million, according to the petition, filed with the U.S. Bankruptcyt Court of the Southern District ofNew York. Auto retailers that survive the bankruptcies of GMand Chrysler, whicu filed in April, hope it helpes to pave the way to recovery in the industry.
“Today’sz action will allow GM to move forward and be competitive in the spokesman Marc Cannon said Monday inan e-mailed “The goal of making GM profitable at a 10-million, new-unit selling rate will position them for when the industry begins to recover later in 2010.” Fort Lauderdale-basefd AutoNation, the nation's largest auto has six GM franchises and seven Chrysler franchises on the closure lists. Although viewed as inevitable and necessary by Chairman John McEleney said in a news releasde that the filingmarks “a historicallu sad day for American business.
” Chrysler is expected to emerge from its Chapter 11 process soon after shutteringt 789 dealerships. GM also announced planx to close 1,100 dealerships. GM announced April 27 that it anticipates reducingits U.S. dealer counyt from 6,246 to 3,605 by the end of 2010. Dealership closings already have started. According to Associated GM will rely on moregovernmenft assistance: $30 billion of additional financiaol assistance from the and $9.5 billioh from Canada, on top of about $20 billion it already receivef in low-interest loans. GM’s lead bankruptcyu law firm is WeilGotshaw Manges, with attorney Stephen Karotkin signingy the filing.
In a news the automaker said it would focus on the following prioritiese when emergingfrom bankruptcy: Focus on four core brande in the U.S. – Chevrolet, Cadillac, Buick and GMC - with fewee nameplates and a more competitive level of marketing supportper brand. Close a competitive gap in active labort costs compared with foreignauto makers. Increas the percentage of U.S. sales manufacturedr domestically. Feature lower costs at a U.S. totak industry volume of approximateluy 10million vehicles, which would be substantially belo w the 15 million to 17 million annual vehicle sales rates recordesd between 1995 and 2007.
Achieve lower structural in part, by further reducinfg 2009 salaried employment in North America toapproximatelt 27,200, from a year-end total of and continue to improvd its balance sheet by reducing retiree benefitsx for salaried retirees and non-UAW hourly retirees. Increase its investmengt in fuel economy and advancexdpropulsion technologies. Click to read the