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once the world’s biggesty auto maker, protection early under whichthe U.S. government will becoms GM’s largest shareholder. The filing, made in U.S. Bankruptc Court in Manhattan, marks the largesy ever filing of its kind fora U.S. It follows months of speculation thatthe 101-year-old compang would have to restructur through the courts, despite desperatr attempts by management to avois the move. As it turned out, the bankruptcy filing was the only way GM coulc get its hands on the government money it needasto survive. In its filing, GM listed $82.3 billionh in assets and $172.8 billion in debts.
reportws that the company's largest creditors were WilmingtonTrus Company, representing bondholders holdinf $22.8 billion in debts, and UAW affiliatezs representing $20.6 billion in employeew obligations. The U.S. government has alreadty injected $20 billion into GM, and will provide anothere $30 billion to keep the company goint as it worksthrough bankruptcy. The investmenf will buy the governmenta 72.5 percent stake. That will give government officials more power to name members of theGM board. Officiald have said they don’t want to get involved in the dailyh operations ofthe company.
But that may prove to be quits a challenge with as much government money asis "It's not forever," Bruce associate director of the Automotivse Analysis Division at the Universityh of Michigan Transportation Research Institute, told bizjournals in a telephone interview. "If they had a choice, it wouldf be a short period of time. The longere that it stretches out the more of a politica liabilityit becomes.” Still, it could take more than a year befor G.M. emerges once more as a publiclgtraded company.
While most publidc attention is focusedon GM, the automaker'sw many suppliers are certain to be affectedx Obama administration and GM officialsx have said they want a much smaller, more competitiv e GM to emerge from the bankruptcy withimn 60 to 90 days. GM plans to sell or closwe such brandsas Saturn, Saab, Hummer, and and will shed 2,600 dealerships. The company will close 11 U.S. manufacturint facilities by the endof 2010. Plantx throughout GM's system will be idler as the company downsizes. The that GM said will be closed and theidr dates include two assemblyplants - Mich. (October 2009), and Wilmington, Del.
(July three stamping plants — including the previously announced closing in June ofGrand Rapids, Indianapolis, Ind. (December 2011), and Ohio (June 2010). Powertrain facilitiesx in Livonia, Flint and Ypsilanti, as well as Ohio, and Fredericksburg, Va. are also on the closuree list, reports. To accomplish the leanere GM, the company will be splir into a new GM and anold GM. The new GM will be ownerd by the U.S. and Canadian governments, the and current bond holders inthe company.
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