The bankruptcy is likely to lead to major changes and job cuts at the battered automaker. But President Obama and GM CEO Fritz Henderson both promised that a more viable GM will emerge from bankruptcy. He will make a final ruling on bankruptcy financing approval on June Owners of GM cars should see little change as a result of the bankruptcy since warranties will still be honored. But there will be plenty of pain caused by the bankruptcy and the company's efforts to stem losses.

GM will shed its Pontiac, Saturn, Hummer and Saab brands and cut loose more than 2, of its 6, U. That could result in more thanadditional job losses if those dealerships are forced to close. A dozen facilities were identified for closure.

Those plants employ most of the more than 20, U. Assembly lines at a plant in Pontiac, Mich. Three parts distribution warehouses are set to close at the end of this year, while five engine plants and a stamping plant are due to close in An additional stamping plant is set to close in More thanretirees and their family members who depend on the company for health insurance will experience cutbacks in their coverage, although their pension benefits are unaffected for now.

Owners of current GM GMFortune shares, which closed at just 75 cents a share on Friday, will have their investments essentially wiped out. Officials from the Obama administration and the United Auto Workers union both have said they hope to sell their stakes in GM as soon as possible, but it is likely that shares of the new GM will not be publicly traded for at least a year or two.

The bankruptcy filing led the New York Stock Exchange to announce it would no longer list GM shares after Monday. It will also lead to the removal of GM as of June 8 from the Dow Jones industrial average, a distinction it has held since The company will be replaced in the Dow by technology giant Cisco Systems CSCOFortuneDow Jones said. President Obama said Monday he was confident that the additional federal help was justified by the changes being made at GM.

Executing this plan will require a substantial amount of money that only a government can provide. Henderson, who took over for former CEO Rick Wagoner on March 30, will continue running the company. Henderson thanked Obama as well as the unions and creditors who had agreed to changes. He vowed the company will not need additional help from the government beyond what it will receive during the bankruptcy process and added that the part of GM that emerges from bankruptcy will not be at risk of failure in the future.

GM and the Treasury Department were able to get key concessions from the unions and major bondholders in the past two weeks.

Bondholder furious over GM bankruptcy – American Morning - etygivusyx.web.fc2.com Blogs

Those forex economic calendar ical paved the way for a cleaner bankruptcy process, one that a senior administration official said Sunday could allow GM to emerge from the bankruptcy process in only two to three months.

GM faced a deadline from the Treasury Department to come up with a plan to turnaround the company or file for bankruptcy by June 1. That would make GM the fourth largest U. Three of the largest bankruptcies in history - GM, Wall Street investment bank Lehman Brothers and savings and loan Washington Mutual, have occurred in the last nine months. GM will use the trip into bankruptcy court to shed plants, dealerships, debt forex edge model download free other liabilities it can no longer afford.

Emerging out of bankruptcy quickly will be a "new GM," made up of the four brands that GM will keep in the U. This is the same process that Chrysler LLC used in its bankruptcy process.

Chrysler filed for bankruptcy April 30, and the judge in that case approved the creation of a new company that will be run by Italian automaker Fiat in a ruling Sunday.

GM, being a larger, more complicated and global company than Chrysler, is not expected to have its valuable units exit bankruptcy quite as quickly, though. The unions' new contracts with gm buy back shares from government company and GM's underfunded pension funds will stay with the new company. But for the turnaround to be successful, both outside experts and company officials agree there needs to be improvement in U. GM has been hit harder than most of its competitors during the sales slump.

GM also faces tough competition from Toyota Motor TM and Ford Motor FFortunewhich are both in much stronger financial condition. Even though Ford has reported years of losses forex rejection candle well, it had far more cash on hand than GM or Chrysler going into this crisis.

5 Reasons To Buy General Motors (GM) Stock - etygivusyx.web.fc2.com

The same is true for Toyota, which reported a loss in its recently completed fiscal year. GM's decision to shed its weaker brands and dealers is expected to exchange rate inr to usd in 1947 to further market share losses, which could result in the company giving up its long-time position as the largest automaker in terms of U. The company already lost the global sales title to Toyota last year, and it could soon fall behind Toyota and possibly Ford in the U.

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