GM files bankruptcy - Sacramento Business Journal:

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billion and assets of $82.3 billion. The bankruptcy, filedx in New York, lists unsecuredd claims by the ($20.6 billion) and the International Union of Electrical, Salaried, Machine and Furniture Workers/Communication Workers ($2.7 billion). Other unsecured debt listed in the filinyincludes $22.8 billion serviced by and $4.5 billio by . Boca Raton-basedx has a claim for $4.75 million, according to the petition, filed with the U.S. Bankruptcuy Court of the Southern District ofNew York. Auto retailersa that survive the bankruptcies of GM and which filedin April, hope it helps to pave the way to recoveryu in the industry.
“Today’es action will allow GM to move forwarsd and be competitive in the spokesman Marc Cannon said Monday inan e-mailed “The goal of making GM profitabld at a 10-million, new-unit selling rate will position them for when the industru begins to recover later in 2010.” Fort Lauderdale-based the nation's largest auto retailer, has six GM franchisese and seven Chrysler franchises on the closure lists. Although viewed as inevitable and necessarygby many, Chairman John McEleney said in a news releass that the filing marks “a historically sad day for American business.
” Chryslee is expected to emerged from its Chapter 11 process soon aftef shuttering 789 dealerships. GM also announces plans to close 1,100 dealerships. GM announcerd April 27 that it anticipates reducingits U.S. dealerr count from 6,246 to 3,605 by the end of 2010. Dealershil closings already have started. According to Associatedf Press, GM will rely on more government $30 billion of additional financiao assistance from theand $9.5 billion from on top of about $20 billion it alreadyg received in low-interest GM’s lead bankruptcy law firm is Weil Gotshaw Manges, with attorney Stephenj Karotkin signing the filing.
In a news the automaker said it would focus on the followinh priorities when emergingfrom bankruptcy: Focus on four core brandd in the U.S. Chevrolet, Cadillac, Buick and GMC - with fewedr nameplates and a more competitive level of marketingv supportper brand. Close a competitivew gap in active labor costse compared with foreignauto makers. Increasew the percentage of U.S. salesw manufactured domestically. Feature lower costs at a U.S. totalk industry volume of approximately 10milliomn vehicles, which would be substantially below the 15 million to 17 million annual vehiclw sales rates recorded between 1995 and 2007.
Achievr lower structural costs, in part, by further reducing 2009 salaried employment in North Americ a toapproximately 27,200, from a year-end totao of 35,100, and continue to improvee its balance sheet by reducing retirere benefits for salaried retirees and non-UAW hourly Increase its investment in fuel economy and advancec propulsion technologies. Click to read the petition.