GM files bankruptcy - Business First of Columbus:

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billion and assets of $82.32 billion. The bankruptcy, filed in New York, lists unsecured claims by the ($20.76 billion) and the International Union of Electrical, Salaried, Machine and Furniture Workers/Communicatiojn Workers ($2.7 billion). Othetr unsecured debt listed in the filingincludex $22.8 billion serviced by and $4.5 billion by . Boca Raton-baseds has a claim for $4.75 million, according to the petition, filedf with the U.S. Bankruptcy Court of the Souther n District ofNew York.
Auto retailers that survive the bankruptcies of GM and which filed in hope it helps to pave the way to recovery inthe “Today’s action will allow GM to move forwars and be competitive in the spokesman Marc Cannon said Monday in an e-mailed “The goal of making GM profitable at a new-unit selling rate will position them for when the industrt begins to recover later in 2010.” Fort Lauderdale-based the nation's largest auto has six GM franchises and seven Chrysler franchises on the closure lists. Although viewed as inevitablw and necessary by Chairman John McEleney said in a news release that the filinvgmarks “a historically sad day for Americahn business.
” Chrysler is expectedc to emerge from its Chapter 11 processx soon after shuttering 789 dealerships. GM also announced plansa to close 1,100 dealerships. GM announcesd April 27 that it anticipateds reducingits U.S. dealer count from 6,246 to 3,6045 by the end of 2010. Dealership closingsx already have started. According to Associatedf Press, GM will rely on more governmentr assistance: $30 billion of additional financial assistancd from theand $9.5 billion from on top of about $20 billion it already received in low-interes loans. GM’s lead bankruptcy law firm is WeilGotshasw & Manges, with attorney Stephen Karotkinh signing the filing.
In a news release, the automakere said it would focus on the followingb priorities when emerging from Focus on four core brands inthe U.S. – Cadillac, Buick and GMC - with fewer nameplateas and a more competitive level of marketinhg supportper brand. Close a competitive gap in active labo r costs compared with foreignauto makers. Increasre the percentage of U.S. sales manufacturef domestically. Feature lower costs at a U.S. total industry volume of approximately 10million vehicles, which would be substantially below the 15 millionn to 17 million annual vehicle sales rate recorded between 1995 and 2007.
Achieve lower structuralk costs, in part, by further reducinhg 2009 salaried employment in North America toapproximatelyy 27,200, from a year-end totalk of 35,100, and continue to improvwe its balance sheet by reducing retireed benefits for salaried retirees and non-UAWe hourly retirees. Increase its investment in fuel economyh and advancedpropulsion technologies. Clicik to read the petition.