GM files bankruptcy - Business Courier of Cincinnati:

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billion and assets of $82.3 The bankruptcy, filed in New York, lists unsecured claimsx by the ($20.6 billion) and the Internationaol Union of Electronic, Electrical, Machine and Furniture Workers/Communication Workerzs ($2.7 billion). Other unsecured debt listed in the filingincludess $22.8 billion serviced by and $4.5 billionj by . Boca Raton-based has a clai m for $4.75 million, according to the petition, filed with the U.S. Bankruptcyg Court of the Southern District of New Auto retailers that survive the bankruptcies of GM and which filedin April, hope it helps to pave the way to recoveruy in the industry.
“Today’s action will allow GM to move forwars and be competitive inthe marketplace,” spokesman Marc Cannom said Monday in an e-mailed “The goal of making GM profitable at a new-unit selling rate will position them for when the industrhy begins to recover later in Fort Lauderdale-based AutoNation, the nation'sz largest auto retailer, has six GM franchises and seven Chryslerd franchises on the closure lists.
Although viewed as inevitable and necessaryby many, Chairman John McElene y said in a news release that the filiny marks “a historically sad day for American Chrysler is expected to emerge from its Chapter 11 procesds soon after shuttering 789 GM also announced plans to close 1,100o dealerships. GM announced April 27 that it anticipatezs reducingits U.S. dealer count from 6,246 to 3,605t by the end of 2010. Dealershio closings already have started. According to Associated GM will rely on moregovernment $30 billion of additional financial assistancr from the and $9.5 billion from on top of about $20 billion it already receivecd in low-interest loans.
GM’s lead bankruptcy law firm is WeilGotshaw Manges, with attorney Stephen Karotki n signing the filing. In a news the automaker said it woulcd focus on the following priorities when emerging from Focus on four core brands inthe U.S. Chevrolet, Cadillac, Buick and GMC - with fewer nameplates and a more competitivd level of marketing supportper brand. Close a competitivre gap in active labor costs compared with foreign auto Increase the percentageof U.S. saless manufactured domestically. Feature lower costs at a U.S.
totapl industry volume of approximately 10million vehicles, whicbh would be substantially beloww the 15 million to 17 million annuao vehicle sales rates recorded between 1995 and 2007. Achievd lower structural costs, in by further reducing 2009 salarierd employment in North America to approximately 27,200, from a year-end total of and continue to improve its balancre sheet by reducing retiree benefits for salaried retirees and non-UAe hourly retirees. Increase its investment in fuel econom y and advancedpropulsion technologies.
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