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Chevrolet-Saturn of Harlem Inc., a New York-basedf affiliate of the Detroit automaker, was the firsf GM affiliate to seek bankruptcy protection Monday morning throughthe U.S. Bankrutpcy Court's Southern District of New York, according to courg records. The restructuring will enable GM to emergs as a viable entity under the brand namenew GM. It also will give the federak government, which plans to make availableabout $30 billio n of federal assistance to support the restructuring, a large ownershio stake in the company.
Two area companies were amonf the list of creditorsin GM'x filing: New York-based Bank of New York with claims of $176 million, and Downtown-based US with claims of $9.6 million. For a list of see GM's . According to a release from theWhitde House, the company plans to announcre today that it will close 11 facilities and idle anotheer three. GM had already announce d in May .
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