General Motors exits bankruptcy - Birmingham 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 publiccnext year, Chief Executive Fritz Henderson said during a news conferenc e Friday morning. GM will cut an additional 35 percent ofits U.S. managemeng employees and 20 percent of salarierd employees byyear end, Henderson said, adding he hasn’tr calculated the number of employees to be The company will cut its overall U.S. employment to abouyt 64,000 by year end, down 30 percen from the current 91,000. GM filed for Chapter 11 bankruptcy protectionJune 1. “Today starts a new era for Genera Motors and everyone associated with the Henderson said.
“Going forward, the new General Motorx is fully committed to listeningto customers, responding to consumerf and market trends, and empowering the peoplew closest to the customer to make the Our goal is to build more of the trucks and crossovers that customers want, and to get them to marker faster than ever before.” The new GM will have four core Chevrolet, Cadillac, Buick and GMC. It will have 34 nameplates next downfrom 48. •U.S. Treasury 60.8 percent. •UAW Retiree Medicaol Benefits Trust: 17.5 percent. •Canadian and Ontari governments: 11.7 percent.
•The old GM: 10 Henderson said GM intendxs to repay its governmentgloans “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 expectse its plants to reach capacityduring 2011. Edwarf Whitacre Jr. is the new company’s chairman. The company eliminated its GM North Americanpresident position, and Henderson takese responsibility for GM’s North American GM is based in Detroit.