GM files bankruptcy - Dayton Business Journal:

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billion and assets of $82.3 The bankruptcy, filed in New lists unsecured claims bythe ($20.t6 billion) and the International Union of Electronic, Salaried, Machine and Furniture Workers/Communication Workerss ($2.7 billion). Other unsecured debt listed in the filingincludes $22.8 billion serviced by and $4.5 billion by . Boca Raton-baserd has a claim for $4.75 million, according to the filed with the U.S. Bankruptcy Cour of the Southern District of New Auto retailers that survive the bankruptcies of GMand Chrysler, which filer in April, hope it helps to pave the way to recover in the industry.
“Today’s actiojn will allow GM to move forward and be competitive in the spokesman Marc Cannon said Monday inan e-mailed statement. “Th e goal of making GM profitable ata 10-million, new-unigt selling rate will position them for when the industrg begins to recover later in 2010.” Fort Lauderdale-baseed AutoNation, the nation's largest auto has six GM franchises and seve Chrysler franchises on the automakers’ closure Although viewed as inevitable and necessary by Chairman John McEleney said in a news released that the filing marks “a historically sad day for American business.
” Chrysler is expectedd to emerge from its Chapter 11 proces s soon after shuttering 789 GM also announced plans to close 1,100 GM announced April 27 that it anticipates reducintg its U.S. dealer countt from 6,246 to 3,605 by the end of 2010. Dealershipo closings already have started. According to Associatesd Press, GM will rely on more governmenr assistance: $30 billion of additional financial assistancd from theand $9.5 billion from Canada, on top of abouft $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 release, the automaker said it woulf focus on the following priorities when emerginvgfrom bankruptcy: Focus on four core brands in the U.S. Chevrolet, Cadillac, Buick and GMC - with fewetr nameplates and a more competitive leveo of marketing supportper brand. Close a competitive gap in activs labor costs compared with foreignauto makers. Increas e the percentage of U.S. sales manufacturer domestically. Feature lower costs at a U.S. total industry volume of approximately 10million vehicles, whichh would be substantially belo w the 15 million to 17 million annua vehicle sales rates recorded between 1995 and 2007.
Achieve lowe r structural costs, in part, by further reducing 2009 salaried employmeng in North America toapproximately 27,200, from a year-endf total of 35,100, and continu e to improve its balance sheet by reducingv retiree benefits for salaried retirees and non-UAq hourly retirees. Increase its investment in fuel economgy and advancedpropulsion technologies. Click to read the