General Motors exits bankruptcy – Puget Sound Business Journal (Seattle):

The new company has $11 billiom in U.S. debt, excluding $9 billion in preferred stock. The companyg expects to go publicnext year, Chiec Executive Fritz Henderson said durinyg a news conference Friday morning. GM will cut an additionao 35 percent ofits U.S. management employeesz and 20 percent of salaried employees byyear end, Henderson adding he hasn’t calculatesd the number of employees to be affected. The compan will cut its overall U.S. employment to about 64,000 by year end, down 30 perceny from the current 91,000. GM filed for Chapterd 11 bankruptcy protectionJune 1. “Today startd a new era for General Motors and everyond associated withthe company,” Henderson said.
“Going forward, the new General Motord is fully committed to listeninvgto customers, responding to consumet and market trends, and empowerinyg the people closest to the customer to make the Our goal is to build more of the cars, trucks and crossovere that customers 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 nameplates next downfrom 48. •U.S. Treasurg Department: 60.8 percent. •UAW Retiree Medicalk Benefits Trust: 17.5 percent. •Canadian and Ontario governments: 11.7 •The old GM: 10 percent.
Henderson said GM intends to repat its governmentloans “mucbh sooner” than the 2015 due date. By the end of GM will operate34 assembly, powertrain and stamping plants, down from 47 in 2008. And it expects its plants to reach capacityduring 2011. Edward Whitacre Jr. is the new company’as chairman. The company eliminated its GM North Americanpresidentr position, and Henderson takes responsibility for GM’s North Americanj operations. GM is based in Detroit.

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