Tuesday, June 2, 2009

General Motors bankruptcy

Monday, June 1st, 2009, General Motors filed for bankruptcy protection in New York, this is the Detroit biggest car manufacture, the GM process will not be as fast as Chrysler because GM is far larger and more complicated global company said GM senior administration officials.

Two years after losing its status as the world's biggest carmaker, GM have to give 60 percent ownership stake to the US government and have $ 30 billion federal funds to continue operations.
The government's also give cash infusion valued $ 20 billion federal loans on Friday ( 24/04/09 ) with very low interest.

Along with filing for bankruptcy, GM announced the closing of a dozen idling plants. The company's workforces stand about 60.000 employees, down for more than 600.000 in the 1970's.

The sales have plummeted in recent years, while the cost of production has risen, bad management decisions have made the situation worse and the current economic recession has put the future of the company in doubt.
Nova Coupe 1969 - Chevrolet - GM product.
At the White House, President Obama said he did not want to see American car manufacturing disappear, but stressed the need for major reform of the industry.

General Motors Corporation founded in 1908, begins in 1892 by Ransom E. Olds, the largest industrial company in the United States, manufacturer of such standard nameplates as Buick, Chevrolet, Oldsmobile, Pontiac, Cadillac, GMC and Saturn and also takes part in the manufacturing and marketing of Isuzu, Saab and others foreign and domestic vehicles. GM promise will be a new management, new views in the future.

1. Chevelle SS 300 series : Deluxe Sedan 1969. 2. Malibu Sport Coupe 1969 - Chevrolet - GM products.