GM emerges from bankruptcy [the first one]

GM emerges from bankruptcy [the first one] http://tinyurl.com/kqrwnh
David Shepardson / The Detroit News
General Motors Co. completed the paperwork, and its good assets exited
bankruptcy at 6:30 a.m. this morning. The new company also announced a shake-up of its management team, eliminating its North American president position and some other top jobs.
GM's president and CEO Fritz Henderson will take responsibility for GM's operations in North America, eliminating the GM North America president position.
"To speed day-to-day decision-making, two senior leadership forums, the Automotive Strategy Board and Automotive Product Board, will be replaced by a single, smaller executive committee, which will meet more frequently and focus on business results, products, brands and customers," GM said.
General Motors will also end its regional operating structure. This eliminates the regional president positions and the regional strategy boards. Nick Reilly will be named executive vice president of GM International Operations (GMIO), which will be based in Shanghai.
"It's an exciting day for General Motors," Henderson said. "We will work hard to repay the trust and the money that so many have invested in GM."
GM and Treasury Department officials signed the documents at a company law firm in New York.
GM held an internal employee broadcast at 8:30 this morning ahead of Henderson's press conference.
GM said the company is launching a "Tell Fritz" Web site to improve customer communications. Starting in August, Henderson will be on the road every month -- and around the world -- to meet with customers and others. "We need to listen ... to the people who matter most -- the people who own and drive General Motors cars and trucks," he said.
The Detroit automaker has shed billions in debt, cutting four of its eight brands and trimming its work force significantly, among other measures. Its good assets had been approved for sale to a group headed by the U.S. Treasury, though the Obama administration insists it will not "micromanage" the company. The government -- in exchange for agreeing invest $50 billion in GM -- will hold a 60.8 percent stake in GM.
GM noted that by the end of 2010, the company will operate 34 assembly, powertrain and stamping plants, down from 47 in 2008, and capacity utilization is expected to reach 100 percent during 2011. Overall U.S. employment will decline from about 91,000 at the end of 2008 to about 64,000 at the end of this year, "creating a company sized to respond quickly to changes in the market, while still retaining the global scope necessary to develop world-class products and technologies."
A new board of directors will be in place by the end of the month, and some executive management changes are expected to be announced this morning. GM's vice chairman Bob Lutz will announce he is staying with the company in a new role heading the company's marketing and communications department. He will remain as a vice chairman "responsible for all creative elements of products and customer relationships."
Lutz and Tom Stephens, vice chairman of product development, will work together, partnering with Ed Welburn, vice president of design, to guide all creative aspects of design. GM's brands, marketing, advertising and communications will report to Lutz for consistent messaging and results. He will report to Henderson, and be part of the newly formed executive committee.
"I am pleased to announce that we are 'unretiring' Bob Lutz so he can fill this important position in the new GM," said Henderson. "He has a proven track record of unleashing creativity in the design and development of GM cars and trucks. This new role allows him to take that passion a step further, applying it to other parts of GM that connect directly with customers."
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Civis Romanus Sum

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I think I am glad Lutz is staying. He is one of the few that could see past their sphincters.
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Hey, now that they have another fresh $20B of taxpayers cash they can pork roll the 35% of management in a style they are accustomed too while suppliers and bond holders remain unpaid.
"[the first one]", LOL. Any pools for betting on when the next one will occur? GM has to know it has a sub-zero credit rating. From now on, it is cash on the barrel or creditors to GM deserve to get burned.
Fritz Henderson, a fellow Harvard boy to Chrysler's CEO and Obama, now it is his turn to pump 'n dump. Given the Harvard track record in auto, I would say a future GM bankruptcy is assured.

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On Fri, 10 Jul 2009 09:53:27 -0400, Jim Higgins fired up the etcha-a-sketch and scratched out:

Just got back from a nice trip to Las Vegas. (The Avalanche performed admirably and passed the 55,555 mile mark on the way. I still have a few months before I reach 3 years.)
I got the following email from GM:
<quote> Today we are pleased to announce there is a new GM. Please take note that General Motors Corporation, Saturn LLC, and Saturn Distribution Corporation sold a substantial amount of their assets to a new legal entity, General Motors Company ("GM" or "New GM"). This email is being sent by New GM on behalf of both General Motors Corporation and New GM.
We want to keep you informed about updates that are relevant to you. General Motors Corporation, Saturn LLC, and Saturn Distribution Corporation are transferring your personal information (e.g., your contact information and vehicle purchase history) to General Motors Company. General Motors Company has substantially the same privacy policies in place as General Motors Corporation had. If you do not want to receive marketing messages from GM, call 1-866-MY-PRIVACY (1-866-697-7482) or visit our Consumer Preference System website at gmcontactpreferences.com. To review the new GM Privacy Statement, click here.
We would like to remind you that dealers of GM vehicles will continue to service GM vehicles and honor GM vehicle warranties.
The New GM is positioned for a profitable, self-sustaining and competitive future. What's more, the New GM has several new products and technologies on track to debut, including key vehicle launches in 2009 and 2010. GM has a strong commitment to improving the fuel efficiency of its vehicle fleet, meeting or exceeding new federal fuel economy and emissions regulations, and pushing ahead with advanced propulsion technology. This is highlighted by GM's extended range electric vehicle, to be introduced in 2010. GM also expects to have 14 hybrid models in production by 2012.
In the meantime, be sure to stay up to date on all the great savings on GM's current portfolio of award-winning vehicles. Shop GM Summer Savings, currently online at GM.com/summersavings. </quote>
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perfectreign
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