GM Officially Files For Chapter 11 Bankruptcy

General Motors (GM) Officially Files For Chapter 11 Bankruptcy
After years of losses, the troubled automaker is forced into bankruptcy. GM is set to close a dozen facilities and cut more than 20,000 jobs
Monday, June 01, 2009
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> Bloomberg.com brings us the following reports today... General Motors Corp., the world’s largest carmaker until its 77-year reign ended last year, filed for bankruptcy protection in the U.S. with a plan to create a 21st-century company that can compete in world markets… GM reported $82.29 billion in assets and $172.81 billion in debt. The U.S. government will bankroll the transformation of the 100-year-old automaker, a victim of tumbling sales and higher gas prices. The U.S. plans to convert much of its $50 billion of loans to a 60 percent stake in the new entity, administration officials said. Today’s filing coincides with a deadline for GM to convince a government auto task force that it could reorganize out of court through debt and cost cutting…
Read the full report at link below…
GM Files Bankruptcy to Spin Off More Competitive Firm
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> Also from Bloomberg this morning is the following report… General Motors Corp. once mattered so much to the U.S. economy that a two-month strike in 1970 helped trigger a 4.2 percent drop in gross domestic product for the fourth quarter, as national auto production fell 82 percent… Then, GM accounted for about half the cars and light trucks sold in the country. Now, GM controls just 20 percent of the market, and analysts say its bankruptcy filing will barely register in the broader economy…
Read the rest at link below...
GM’s Long Decline May Make Bankruptcy ‘Irrelevant’ to Economy
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CNNMoney.com has this report up on their website today… General Motors filed for bankruptcy protection early Monday, a move once viewed as unthinkable that became inevitable after years of losses and market share declines which were capped by a dramatic plunge in sales in recent months… In the end, even $19.4 billion in federal help wasn't enough to keep the nation's largest automaker out of bankruptcy. The government will pour another $30 billion into GM to fund operations during its reorganization… Taxpayers will end up with a 60% stake in GM, with the union, its creditors and federal and provincial governments in Canada owning the remainder of the company… Owners of GM cars should see little change as a result of the bankruptcy since warranties will still be honored…
Read this report in full at link below…
GM bankruptcy: End of an era

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What does GM have to say on all of this!!!?
Hear it in their words at the official GM Website!
Click it out at link below…
GMreinvention.com
Above links is full of videos/info on GM moving forward

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An Open Letter from GM Chief Executive Fritz Henderson Frederick A. Henderson
President and Chief Executive Officer
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Today marks a defining moment in the reinvention of GM. In the face of an economic crisis that has caused enormous disruption in the auto industry, we have reached ground-breaking agreements with the U.S. Treasury, the Canadian and Ontario governments, and the UAW and CAW unions, and we have the support of a substantial portion of GM’s bondholders. These agreements allow us to launch a leaner, quicker, more customer-focused and cost-competitive New GM.
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The court-supervised process we are pursuing to launch the New GM provides us with powerful tools to accelerate and complete our reinvention, as well as strong safeguards for our customers and our business.
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Worldwide, GM dealers are open for business, offering competitive financing options on our award-winning vehicles, continuing to honor our industry leading warranty coverage, and providing outstanding service. Furthermore, the U.S. and Canadian governments have issued their own strong votes of confidence by backing GM’s vehicle warranties. Further, customers and dealers have access to financing from a stronger GMAC.
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The New GM will have a dramatically stronger balance sheet, with far less debt, which will allow us to better invest in our business and our future. It will have fully competitive labor costs and the ability to generate sustained and positive bottom-line performance.
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From day one, the New GM will be well-positioned to capitalize on the award-winning vehicles we have developed and launched during the past few years, and on our investments in exciting new technologies like the extended range electric Chevy Volt, so that we can build and return value to our customers and to the millions who will have a stake in our success.
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As a long-term global leader in the development of fuel-efficient and advanced technology vehicles, the New GM will contribute to the development of advanced engineering and manufacturing capabilities in the United States and Canada, which are critical to the future of our economies.
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We recognize the sacrifices that so many have been asked to make as we have worked to reinvent GM and the automobile. GM deeply appreciates the support and the demonstration of confidence in our future by President Obama, the Presidential Task Force on Autos, the Canadian and Ontario governments, American and Canadian taxpayers, a substantial portion of our bondholders, the UAW and CAW and their leadership and the men and women of GM, including our retirees. You have enabled us to carry out this vital transformation for the good of GM, our customers and the economy, and we are working to justify your trust each day.
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Our products are our future, and our lineup of new cars and crossovers are a great foundation for success. We are focused on the job at hand, for the benefit of our customers, employees, dealers, suppliers, retirees, taxpayers, investors and other stakeholders. The New GM is here to stay.

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God speed on a FAST recovery goes out to all the workers and their families of General Motors. You don’t have to come back bigger… just better and MUCH stronger than ever before.

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Good news to the folks in my hometown of Shreveport LA. The General Motors Assembly Plant here at home was not included on the list of 14 plants to be closed.

Yes we will stay open, even though the future of the Hummer brand is still in question.

AubreyJ………