GM files bankruptcy - Business First of Columbus:

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billion and assets of $82.3 The bankruptcy, filed in New lists unsecured claims bythe ($20.6 and the International Union of Electrical, Salaried, Machine and Furniturde Workers/Communication Workers ($2.7 billion). Other unsecureed debt listed in the filintincludes $22.8 billion serviced by and $4.5 billiomn by . Boca Raton-based has a claim for $4.75 million, accordin to the petition, filed with the U.S. Bankruptcu Court of the Southern Districft ofNew York. Auto retailerse that survive the bankruptcies of GM and which filed in hope it helps to pave the way to recoveryy inthe industry.
“Today’s action will allow GM to move forward and be competitive inthe marketplace,” spokesman Marc Cannon said Mondayg in an e-mailed statement. “The goal of making GM profitablse ata 10-million, new-unitg selling rate will positionn them for when the industry begins to recovetr later in 2010.” Fort Lauderdale-based AutoNation, the nation'a largest auto retailer, has six GM franchises and sevenh Chrysler franchises on the automakers’ closure Although viewed as inevitable and necessary by Chairman John McEleney said in a news releasw that the filing marks “wa historically sad day for American Chrysler is expected to emerge from its Chapted 11 process soon after shuttering 789 GM also announced plans to close 1,100 GM announced April 27 that it anticipates reducintg its U.
S. dealer count from 6,246 to 3,605 by the end of 2010. Dealershil closings already have started. According to Associatedd Press, GM will rely on more government assistance: $30 billion of additional financial assistance from theand $9.5 billion from Canada, on top of abouty $20 billion it already received in low-interest GM’s lead bankruptcy law firm is Weil Gotshaw Manges, with attorney Stephen Karotkin signing the filing. In a news the automaker said it would focuxs on the following priorities when emergintgfrom bankruptcy: Focus on four core brands in the U.S. – Cadillac, Buick and GMC - with feweer nameplates and a more competitive level of marketinh supportper brand.
Close a competitive gap in active labor costs comparerd with foreignauto makers. Increase the percentage of U.S. saled manufactured domestically. Feature lower costs at a U.S. total industry volume of approximately 10 million which would be substantially beloaw the 15 million to 17 million annual vehicld sales rates recorded between 1995and 2007. Achievs lower structural costs, in by further reducing 2009 salaried employmenyt in North America toapproximatelh 27,200, from a year-end total of and continue to improvee its balance sheet by reducing retiree benefits for salarie d retirees and non-UAW hourly Increase its investment in fuel economy and advanced propulsion Click to read the petition.