General Motors files Chapter 11 - Pacific Business News (Honolulu):

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once the world’s biggest auto protection early Monday, under which the U.S. government will become GM’e largest shareholder. The made in U.S. Bankruptcy Court in Manhattan, marks the largestf ever filing of its kind fora U.S. It follows months of speculation thatthe 101-year-old company would have to restructure through the despite desperate attempts by management to avoid the As it turned out, though, the bankruptcy filinvg was the only way GM coulde get its hands on the government monet it needs to survive. In its GM listed $82.3 billion in assetws and $172.8 billion in debts.
reports that the company'e largest creditors were Wilmington Trust representing bondholdersholding $22.8 billion in and UAW affiliates representing $20.y billion in employee The U.S. government has already injected $20 billion into GM, and will provid another $30 billion to keep the companh going as it worksthrough bankruptcy. The investmen will buy the governmenta 72.5 perceny stake. That will give governmenty officials more power to name members of the GM Officials have saidthey don’rt want to get involved in the daily operationsx of the company.
But that may prove to be quitre a challenge with as much government money asis "It's not forever," Bruce Belzowski, associate director of the Automotivwe Analysis Division at the University of Michigan Transportatio n Research Institute, told bizjournals in a telephone interview. "Ifv they had a choice, it would be a shoryt period of time. The longer that it stretches out the more of a politicak liabilityit becomes.” Still, it could take more than a year befores G.M. emerges once more as a publiclytradesd company.
While most public attention is focusesdon GM, the automaker's many suppliers are certaihn to be affected Obama administration and GM officials have said they want a much more competitive GM to emerge from the bankruptcy withij 60 to 90 days. GM plansx to sell or close such brandzsas Saturn, Saab, Hummer, and and will shed 2,600 dealerships. The company will closwe 11 U.S. manufacturing facilities by the endof 2010. Plantse throughout GM's system will be idled as the company downsizes. The that GM said will be closexd and their dates include two assemblyplants - Mich. (October 2009), and Del.
(July 2009); three stamping plantxs — including the previously announced closing in June ofGrand Rapids, Mich., Indianapolis, Ind. (December 2011), and Ohio (June 2010). Powertrain facilities in Livonia, Flint and Ypsilanti, as well as Ohio, and Fredericksburg, Va. are also on the closure reports. To accomplish the leaner GM, the company will be splift into a new GM and anold GM. The new GM will be ownedd by the U.S. and Canadian governments, the and current bond holderd inthe company.