General Motors exits bankruptcy - East Bay Business Times:

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The new company has $11 billion in U.S. excluding $9 billion in preferred stock. The compant expects to go publicnext year, Chiec Executive Fritz Henderson said during a news conference Friday GM will cut an additional 35 percenty of its U.S. managementr employees and 20 percent of salariex employees byyear end, Hendersomn said, adding he hasn’t calculated the numbefr of employees to be affected. The compan y will cut its overall U.S. employment to aboutf 64,000 by year end, down 30 percent from the current 91,000. GM filed for Chapter 11 bankruptcy protectiohnJune 1.
“Today starts a new era for Generakl Motors and everyone associated withthe company,” Henderson “Going forward, the new General Motors is fullg committed to listening to customers, responding to consumer and market trends, and empowering the people closesy to the customer to make the Our goal is to buile more of the cars, trucks and crossovers that customers and to get them to markeyt faster than ever before.” The new GM will have four core Chevrolet, Cadillac, Buick and GMC. It will have 34 nameplatesa next year, down from 48. •U.S. Treasurg Department: 60.8 percent. •UAW Retiree Medicalo Benefits Trust: 17.5 percent. •Canadian and Ontario 11.
7 percent. •The old GM: 10 percent. Henderson said GM intendws to repay its governmentloans “much sooner” than the 2015 due By the end of GM will operate 34 assembly, powertraim and stamping plants, down from 47 in 2008. And it expectes its plants to reach capacitytduring 2011. Edward Whitacrr Jr. is the new company’s chairman. The compangy eliminated its GM North Americanpresident position, and Hendersom takes responsibility for GM’s North American operations. GM is base d in Detroit.