General Motors is back!

[leopaul]

After a long days of chapter 11 bankruptcy, finally, nasikatan na ang araw para sa General Motors!

Here's the article I found!

The 100-year-old General Motors Corp. was reborn Friday as General Motors Co. after a historic rush through bankruptcy that lasted only 40 days.

The speed surprised even GM executives, who had said it could take 60-90 days for GM to sell its good assets through the bankruptcy process to create a new GM largely owned by the U.S. Treasury.
A judge approved the sale Sunday, but it didn't go into effect until Thursday.
The paperwork creating the new GM was final Friday.
At a news conference celebrating the emergence of the new company, GM Chief Executive Officer Fritz Henderson said it happened so fast that he wasn't even finished putting into place all of the management changes he planned.
"The last 100 days has shown everyone -- including ourselves -- that a company not known for quick action can in fact ... move very fast," Henderson said. "Starting today, we want to take that intensity, the decisiveness and the speed of these last several weeks and then transfer it from the battlefield triage of the bankruptcy process to the day-to-day operation of the new company.
"This will be the new norm of the General Motors."

Henderson, who promised more management changes later this month, on Friday outlined a new corporate structure and announced a few top changes, including:

Bob Lutz -- who canceled plans for retirement -- was put in charge of the company's marketing, which experts say is one of GM's biggest new challenges.

Troy Clarke lost his job as GM North America president as Henderson eliminated regional operations in an effort to streamline. Clarke's future role is unclear.

Nick Reilly, who had been president of GM Asia Pacific, will be executive vice president of GM International Operations, based in Shanghai.

Two senior operating boards -- the Automotive Strategy and Automotive Product boards -- were axed and replaced with an executive committee of eight people that will meet weekly.

Brian Johnson, an industry analyst with Barclays Capital, praised the changes. In a note to investors, he called the changes "in the context of the GM culture, relatively significant, even as they appear inscrutable to outsiders."



Several industry observers praised GM for finding a new role for Lutz. "The most exciting part of the announcement today was not just that Bob was coming back but that he is coming back with even more responsibility," said John Wolkonowicz, senior automotive analyst with IHS Global Insight.

GM's bankruptcy allowed the automaker to shed $40 billion in debt and emerge with labor costs competitive with Toyota, according to the company. The new company will have $11 billion in U.S. debt.

Henderson said the company would strive to repay that money before it is due in 2015.

"Compared to the old GM, we have a significantly stronger balance sheet, a much stronger cash position and a very competitive cost structure," Henderson said.

The new GM will be 60.8% owned by the U.S. government, with the UAW retiree health care trust holding 17.5%, the governments of Canada and Ontario governments 11.7% and old GM bondholders 10%.

The White House praised new GM's emergence: "While this restructuring required difficult and painful sacrifices from all of the company's stakeholders -- and the American taxpayer -- it has saved tens of thousands of American jobs and positioned GM to reclaim its position as a competitive and sustainable global company. The hard work of charting a path to viability now rests with GM's board and management, but we are confident that we remain on track to ultimately see returns on these taxpayer investments."

GM is reducing its eight U.S. brands to four -- Chevrolet, Cadillac, Buick and GMC.

By the end of the year, GM plans to shed 27,000 U.S. hourly and salaried jobs. The company is in the process of cutting 4,000 more white-collar jobs and reducing its executive ranks by 35%.

The new GM board chairman, Edward E. Whitacre Jr., the former CEO and chairman of AT&T, addressed journalists for the first time in his new role, saying, "I agreed to take this job because I know most Americans want this company to succeed." Whitacre said he plans to name the final four members of the 13-member GM board in the next three weeks.

GM continues to face huge challenges, especially given the troubled global economy and weak auto sales. So far this year, sales are down 40% for GM and 35% for the industry.

Next week, GM will launch a "Tell Fritz" Web site for customers to share thoughts with GM's senior management. GM also said it would experiment with eBay to allow customers to purchase new GM vehicles through the online auction site. EBay Motors later issued a statement, saying it didn't yet have a final plan with GM but that it hopes "to support GM's new company and vision going forward."

[tidus1203]

The only thing similar to this GM and the old GM is the name. This GM is so much smaller. A lot of employees and management have been laid off. They have far fewer brands, far fewer dealerships. Dati GM was bigger than Ford, I think this new GM will even be smaller than Ford.

[green_machine]

The only thing similar to this GM and the old GM is the name. This GM is so much smaller. A lot of employees and management have been laid off. They have far fewer brands, far fewer dealerships. Dati GM was bigger than Ford, I think this new GM will even be smaller than Ford.

I think the pre-bankruptcy GM was so big that it just collapsed under it own weight. Hopefully a leaner GM will translate into better management, and hopefully, better cars.

Does anyone have an idea which brands will be retained in this "new" GM? I read before Hummer and Pontiac will be gone?

[leopaul]

I think the pre-bankruptcy GM was so big that it just collapsed under it own weight. Hopefully a leaner GM will translate into better management, and hopefully, better cars.

Does anyone have an idea which brands will be retained in this "new" GM? I read before Hummer and Pontiac will be gone?

As told, the new GM will retain Chevrolet, GMC, Buick & Cadillac. Hummer, Pontiac, Saturn & Saab will be gone for sure.

[jappy]

no more Hummer.
=(

[n2knee]

no more Hummer.
=(

good riddance!

[aeo62000]

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[aeo62000]

i presumed chevy is under general motors, maybe thats why your services is so poor that my problem with my aveo lt a/t was not dealt with. i pity myself buying this car and besides the casa was so defensive and careless about us. hope you wil have somebody from your company to entertain us.ty

[desert fox]

i presumed chevy is under general motors, maybe thats why your services is so poor that my problem with my aveo lt a/t was not dealt with. i pity myself buying this car and besides the casa was so defensive and careless about us. hope you wil have somebody from your company to entertain us.ty

OMG!!!! Tell us more ano talaga nangyari sa Aveo mo bro.......

[weisshorn]

B***sh*t spammer go to hell