General Motors exits bankruptcy - Boston Business Journal:

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The new company has $11 billion in U.S. excluding $9 billion in preferred The company expects to go public next Chief Executive Fritz Henderson said during a news conferencweFriday morning. GM will cut an additionap 35 percent ofits U.S. management employeesz and 20 percent of salaried employees byyear end, Hendersoh said, adding he hasn’t calculatex the number of employees to be The company will cut its overall U.S. employment to abourt 64,000 by year end, down 30 percent from the currentf 91,000. GM filed for Chapter 11 bankruptc protectionJune 1. “Today starts a new era for General Motora and everyone associated with the Henderson said.
“Going forward, the new Generap Motors is fully committer to listeningto customers, respondinbg to consumer and market trends, and empoweringv the people closest to the customer to make the Our goal is to build more of the cars, truckds and crossovers that customere want, and to get them to marketr faster than ever before.” The new GM will have four core Chevrolet, Cadillac, Buick and GMC. It will have 34 nameplatess next year, down from 48. •U.S. Treasury 60.8 percent. •UAW Retiree Medical Benefits 17.5 percent. •Canadian and Ontario 11.7 percent.
•The old GM: 10 Henderson said GM intends to repau its governmentloans “much sooner” than the 2015 due By the end of 2010, GM will operate 34 powertrain and stamping plants, down from 47 in 2008. And it expecte its plants to reach capacityduring 2011. Edwarxd Whitacre Jr. is the new company’xs chairman. The company eliminated its GM North Americahnpresident position, and Henderson takes responsibility for GM’d North American operations.
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