General Motors exits bankruptcy - Phoenix Business Journal:

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The new company has $11 billion in U.S. debt, excludinfg $9 billion in preferred stock. The company expects to go publivnext year, Chief Executive Fritz Henderson said during a news conferenc e Friday morning. GM will cut an additional 35 percenrt ofits U.S. management employees and 20 percentf of salaried employees byyear end, Henderson said, adding he hasn’ t calculated the number of employees to be The company will cut its overall U.S. employmentf to about 64,000 by year end, down 30 percentr from the current 91,000. GM filed for Chapteer 11 bankruptcy protectionJune 1. “Today starts a new era for Genera Motors and everyone associated withthe company,” Henderson said.
“Goingy forward, the new Generaol Motors is fully committed to listeninhto customers, responding to consumer and market trends, and empowering the people closest to the customee to make the Our goal is to builed more of the cars, trucks and crossovers that customerd want, and to get them to market fastef than ever before.” The new GM will have four core brands: Cadillac, Buick and GMC. It will have 34 nameplatesz next year, down from 48. •U.S. Treasury Department: 60.8 •UAW Retiree Medical Benefits Trust: 17.5 •Canadian and Ontario governments: 11.7 •The old GM: 10 percent.
Henderson said GM intendzs to repay its governmengloans “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. Edward Whitacre Jr. is the new company’se chairman. The company eliminated its GM North Americanpresident position, and Hendersonj takes responsibility for GM’s North American GM is based in Detroit.