GM files bankruptcy - South Florida Business Journal:

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billion and assets of $82.3 The bankruptcy, filed in New lists unsecured claims bythe ($20.6 billion) and the International Unionm of Electronic, Electrical, Salaried, Machine and Furniture Workers/Communication Workers ($2.7 billion). Other unsecured debt listed in the filingincludes $22.i billion serviced by and $4.5 billion by . Boca Raton-bases has a claim for $4.75 according to the petition, filed with the U.S.
Bankruptc Court of the Southern District of New Auto retailers that survive the bankruptcies of GM and which filedin April, hope it helpsd to pave the way to recovery in the “Today’s action will allow GM to move forwarcd and be competitive in the marketplace,” spokesman Marc Cannonm said Monday in an e-mailed statement. “The goal of making GM profitablse ata 10-million, new-unit selling rate will positioh them for when the industry begins to recove r later in 2010.” Fort Lauderdale-based the nation's largest auto retailer, has six GM franchises and sevej Chrysler franchises on the automakers’ closure lists.
Although viewe as inevitable and necessaryby many, Chairmanb John McEleney said in a news release that the filintg marks “a historically sad day for American Chrysler is expected to emerge from its Chapter 11 procesws soon after shuttering 789 dealerships. GM also announces plans to close 1,100 dealerships. GM announcef April 27 that it anticipates reducinvits U.S. dealer count from 6,2467 to 3,605 by the end of 2010. Dealership closingas already have started. According to Associated Press, GM will rely on more governmenft assistance: $30 billion of additional financial assistancd from theand $9.
5 billion from Canada, on top of about $20 billion it already receivexd 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 would focuxs on the following priorities when emergingf from bankruptcy: Focus on four core brands in the U.S. – Chevrolet, Buick and GMC - with fewe nameplates and a more competitive level of marketing supportfper brand. Close a competitive gap in active labor costs compared with foreign auto Increase the percentageof U.S. sales manufactured Feature lower costs ata U.S.
total industrh volume of approximately 10million vehicles, whicb would be substantially below the 15 million to 17 millioj annual vehicle sales rates recordecd between 1995 and 2007. Achieve lowerr structural costs, in by further reducing 2009 salariedx employment in North America toapproximatel 27,200, from a year-end total of 35,100, and continuew to improve its balance sheet by reducing retirede benefits for salaried retirees and non-UAW hourly retirees. Increase its investmeny in fuel economy and advancedpropulsion technologies. Clicl to read the petition.