General Motors Emerges from Bankruptcy Court
General Motors, which had filed for Chapter 11 bankruptcy in June, has risen out of bankruptcy protection after creating a “new GM,” which is made up of what are arguably its best assets.
The New GM is going to keep its most profitable brands, Chevrolet, Buick, Cadillac, and GMC, while selling off all the other brands that they owned; including Hummer and Saab. The New GM will also run with 13 fewer U.S. plants and 27,000 fewer US employees as compared to last year.
GM is getting $60 billion in financing from the U.S. treasury, which gives the government a 61-percent share in the new company; however, government officials have repeatedly stated that they do not want to be involved in the day-to-day running of the firm.
Along with the emergence from bankruptcy the new GM is also speculated to don a new look. GM insiders claim that the blue background on the company’s logo is being changed to green. The idea behind this change is to portray to the public that GM will be greener, more focused on fuel economy, and more capable of making quick decisions.
To read more about the new GM click on the links below.
+ BBC: Business: GM Leaves Bankruptcy Protection
+ MSNBC: The new GM: Fewer suits, greener logo?
Click Here To read about Bob Lutz Future With GM
+ Nextautos: Bob Lutz To Stay On With General Motors
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Comments
The Stig
"New" GM, green logo, mostly the same people and UAW.
chartguy
John Ralfe's July 5th piece in the Financial Times described what a sad joke this is. The unions financed the Obama campaign, and this deal was a payoff to the UAW. In any other bankruptcy, the employer would walk away from the pension burden, and the Pension Benefit Guarantee Corp. would take it over. It would no longer be the gold-plated pension that the UAW has grown used to.
Instead, GM is still saddled with those massive pension obligations, and is a smaller company, with less ability to pay them, as well. In other words, the Obama administration bought the UAW a couple of years of luxury and guaranteed that GM will be back in bankrupcty court after the money runs out.
Mena
GM is not changing the logo.
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