AP Source: GM emerges from bankruptcy

[cal04]

http://news.yahoo.com/s/ap/20090710/ap_on_bi_ge/us_gm_bankruptcy

A person briefed on the matter says General Motors Corp. has emerged from bankruptcy protection after signing papers to transfer the bulk of its assets to a new, leaner company majority-owned by the U.S. government.

The person, who asked to remain anonymous because the action hasn't been officially announced, said Friday the action came at 6:30 a.m. EDT Friday.

One bankruptcy expert called GM's 40-day case the fastest ever for a company of its size.

The new GM is a smaller company that is less burdened by the staggering debt that nearly sent it to liquidation.



With Sale of Good Assets, G.M. Out of Bankruptcy
http://www.nytimes.com/2009/07/11/business/11auto.html?hp

General Motors exits bankruptcy protection
http://www.msnbc.msn.com/id/31826205/ns/business-autos/

[Horse with no Name]

1. So what happened to the employees benefits? The unions? The retirees?

I'm curious to see how this plays out.

[Oceansaway]

2. they'll probably hand out Vaseline

to all UAW people.....jmo...

[Zynx]

6. If you've been paying attention, the UAW now owns a good-sized chunk of the company.

Granted, it is to finance their healthcare benefits, but at least they have a say.

[Deja Q]

3. Managers used to say they deserved big bux because their decisions make or break the company.

And management tells workers what to buy and do; they make the big decisions which is why they claim they deserve their (let's face it, excessively obscene these days) salaries.

http://www.economicpopulist.org/content/gm-offshore-outsourcing-us-jobs
(2009)

http://www.articlealley.com/article_193949_31.html
(2007)

Information week article on GM offshoring; fixed link
(2005!)

Why did GM deserve to be bailed out? They helped drive their company down and now want our tax dollars to continue their exodus. I'd already heard rumors of GM bringing in offshored components, never mind the rumors of quality, but now there's some proof - in the form of a small handful of web site articles.

[JVS]

4. FUCK GM!

[Zynx]

5. ?

It's now heavily union-owned. You are to some extent saying "Fuck the UAW".

[Kokonoe]

7. The rest of the world loves GM cars.

But in America we like to hate American. GM is a new company now, lets give them a chance to change their business model.
Give us cars and options we like, instead of making crap and charging us extra $$ for optional pieces on a car that we want to afford.
All those American car haters should go buy a Japanese car, because they need help too.