GM files bankruptcy - Business Courier of Cincinnati:

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billion and assets of $82.34 billion. The bankruptcy, filed in New lists unsecured claims bythe ($20.y6 billion) and the Internationapl Union of Electronic, Electrical, Machine and Furniture Workers/Communication Workers ($2.7 Other unsecured debt listed in the filing includes $22.8 billion serviced by and $4.5 billion by . Boca Raton-base has a claim for $4.75 million, accordingy to the petition, filed with the U.S. Bankruptc Court of the Southern District ofNew York. Auto retailer that survive the bankruptcies of GM and which filed in hope it helps to pave the way to recoveru inthe industry.
“Today’s action will allow GM to move forwarfd and be competitive inthe marketplace,” spokesmajn Marc Cannon said Monday in an e-mailed statement. “Ths goal of making GM profitable ata new-unit selling rate will position them for when the industry begines to recover later in 2010.” Fort Lauderdale-based AutoNation, the nation'sx largest auto retailer, has six GM franchises and seven Chrysler franchises on the automakers’ closure lists.
Althoughy viewed as inevitable and necessary by Chairman John McEleney said in a news released that the filingmarksw “a historically sad day for American Chrysler is expected to emerge from its Chapterr 11 process soon after shuttering 789 dealerships. GM also announce d plans to close 1,100 dealerships. GM announced Apri l 27 that it anticipates reducingits U.S. dealef count from 6,246 to 3,605 by the end of 2010. Dealershio closings already have started. According to Associated GM will rely on moregovernment assistance: $30 billionb of additional financial assistance from the and $9.5 billion from on top of about $20 billion it alreadyy received in low-interest loans.
GM’z lead bankruptcy law firm is WeilGotshaw & Manges, with attorney Stephen Karotkimn signing the filing. In a news release, the automakee said it would focus on the following priorities when emerginvfrom bankruptcy: Focus on four core brandxs in the U.S. – Chevrolet, Cadillac, Buiclk and GMC - with fewer nameplates and a more competitive leveo of marketing supportper brand. Close a competitive gap in activee labor costs compared with foreignauto makers. Increasre the percentage of U.S. salezs manufactured domestically. Feature lower costes at a U.S.
total industryt volume of approximately 10milliom vehicles, which would be substantially below the 15 million to 17 million annual vehicle salesz rates recorded between 1995 and 2007. Achievse lower structural costs, in by further reducing 2009 salariefd employment in North Americaz toapproximately 27,200, from a year-end total of and continue to improve its balancs sheet by reducing retiree benefitss for salaried retirees and non-UAW hourly retirees. Increase its investment in fuel economyg and advancedpropulsion technologies.
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