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Chevrolet-Saturn of Harlem Inc., a New York-based affiliats of the Detroit automaker, was the firsg GM affiliate to seek bankruptcy protection Monday morning throughthe U.S. Bankrutpcyy Court's Southern District of New York, according to courtf records. The restructuring will enable GM to emergee as a viable entity under the brandr namenew GM. It also will give the federal which plans to make availableabout $30 billion of federakl assistance to support the restructuring, a largde ownership stake in the company.
Two area companiea were among the list of creditorsin GM'ss filing: New York-based Bank of New York with claims of $176 million, and Downtown-based US Steel, with claims of $9.6 million. For a list of creditors, see GM'as . According to a release from theWhitew House, the company plans to announce today that it will closde 11 facilities and idle anothedr three. GM had already announce in May .
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