General Motors

June 1, 2009 -- LANSING - Michigan Governor Jennifer M. Granholm today issued the following statement on General Motors:

"This is undoubtedly a painful day for General Motors, for Michigan and for the families who depend on GM for their livelihood. Although we knew this day was coming, it doesn't make it any easier. GM and Michigan will emerge from this challenge and help to lead the new green economy.

"At the state level, we will do all we can to protect the people affected - from helping those who lose their jobs with unemployment insurance and job training, to assisting those communities that need investments to find new uses for closed facilities.    » read more »

June 01, 2009 -- FRANKFORT, Ky.—“We’ve been in communication with GM today and anticipate GM will continue to produce the Corvette as they have for years right here in Kentucky.

"We will do whatever we can as a state to ensure the viability and longevity of the Bowling Green Assembly Plant.

"GM's impact is not only felt through the assembly plant in Bowling Green, but with its supplier network throughout Kentucky. Suppliers have dealt effectively with the known shutdowns to date, minimizing the impact on its workforce.

"While production levels at the Bowling Green Assembly Plant aren't what they've been, suppliers are still preparing to supply GM for the new model change-over.”

Source: Kentucky Governor

Markell says Boxwood employees deserved opportunity to help GM turn around

June 1, 2009 -- WILMINGTON -- Delaware Governor Jack Markell released the following statement Monday in response to General Motors' decision to close its Boxwood Road plant. Since taking office in January, Markell has worked with U.S. Sen. Tom Carper, U.S. Sen. Ted Kaufman and U.S. Rep. Mike Castle to be in frequent contact with GM officials.

The Governor also recently met with President Obama's car czar and told the company the state would be willing to offer assistance if GM would idle the plant instead of closing the facility.    » read more »

DEARBORN, Mich., June 1, 2009 – Today's announcement that GM is filing for Chapter 11 bankruptcy is another important development during this unprecedented period for the auto industry and the global economy.

The Ford team continues to monitor the industry environment and plan for all contingencies to ensure our transformation plan remains on track. At this time, we do not expect any major disruptions to our operations as a result of today's news.    » read more »

Judge Authorizes Access to $15 Billion in Debtor-in-Possession (DIP) Financing; GM Can Maintain Normal Operations without Impacting Customers, Employees and Key Suppliers

June 1, 2009 -- New York – General Motors Corporation today reported that it has received U.S. Bankruptcy Court approval to continue honoring all vehicle warranty programs and dealer incentive plans. This and other Court orders today enable GM to assure consumers that warranty coverage on GM vehicles will continue without interruption, whether they already own a GM vehicle or intend to buy a new one; that genuine GM parts will be supplied; and that GM-trained Goodwrench specialists will perform all services.    » read more »

Statement of Kent Kresa, Chairman

June 1, 2009 -- “The General Motors Board of Directors authorized the filing of a chapter 11 case with regret that this path proved necessary despite the best efforts of so many. Today marks a new beginning for General Motors. A court-supervised process and transfer of assets will enable a New GM to emerge as a stronger, healthier, more focused and nimbler company with a determination not to just survive but to excel.

"The Board concluded that the proposed transformation will maximize the value of the enterprise, and the return to the many stakeholders who have been involved with GM over the years.    » read more »

14 U.S. Manufacturing Plants & Three Service And Parts Operations Warehouses Impacted

June 1, 2009 -- DETROIT, Mich. -- General Motors Corp. (NYSE: GM) today announced details of its accelerated manufacturing plan to improve capacity utilization and flexibility for the New GM. GM also reaffirmed it will build a small car at one of its U.S. assembly plants on standby capacity status.    » read more »

June 1, 2009 -- As announced this morning, GM has reached agreement with Delphi regarding the sale of certain U.S. plants and Delphi's global steering business to GM and the sale of most of Delphi's global business operations to Platinum Equity.

GM is pleased that Delphi has agreed to move forward with plan modifications and is committed to completing these transactions through a 363 sale if stakeholder support is not sufficient to achieve prompt confirmation of the modified plan.

These developments represent an important step in resolving the Delphi bankruptcy and in GM's own restructuring efforts.

Source: GM

New GM Expected to Launch in 60-90 Days Under New Ownership

DETROIT, June 1, 2009 - General Motors Corp. (NYSE: GM) today announced that it has reached agreements with the U.S. Treasury and the governments of Canada and Ontario to accelerate its reinvention and create a leaner, stronger "New GM" positioned for a profitable, self-sustaining and competitive future.    » read more »

May 29th, 2009 - WASHINGTON - Senator Lamar Alexander (R-Tenn.) issued the following statement today regarding General Motors and its factory in Spring Hill, Tennessee:

“General Motors’ Spring Hill plant has been an important magnet for the growth of auto jobs in Tennessee. I am doing everything I can to help it be a part of our future,” said Alexander. “Communities across our state are worried about how GM’s restructuring will impact them—from the Spring Hill plant to the thousands working for auto parts suppliers and car dealerships. In terms of keeping and creating new auto jobs, the sooner the federal government gets out of the business of trying to run auto companies the better.    » read more »

2009-05-31 -- General Motors (NYSE: GM) announced today that the U.S. Department of the Treasury has informed the company that the support of more than 54% of the bondholders allows GM to proceed with the 363 Sale Proposal announced in a Form 8-K filing on May 28, 2009.    » read more »

Newly Ratified GM-UAW 2007 National Labor Agreement Modifications Eliminate Competitive Gap for GM

2009-05-29 -- DETROIT, Mich. - General Motors today confirmed that its UAW-represented employees have ratified the modifications to the GM-UAW 2007 National Labor Agreement. The amended agreement covers approximately 54,000 hourly employees located in 46 U.S. facilities.    » read more »

2009-05-28 -- "The U.S. Treasury proposal announced today provides incentives for GM's unsecured bondholders to support GM's restructuring efforts in the event GM decides to pursue a 363 sale as part of a bankruptcy proceeding.

Implementation of this proposal would result in a New GM with a healthy balance sheet, putting the new company on a clear path toward long-term viability and success.

GM appreciates the unwavering support of the U.S. Treasury and the President's Task Force on Autos and thanks the unofficial committee of bondholders for their support of the proposal."

Source: GM

2009-05-27 -- DETROIT - General Motors Corp. (NYSE: GM) today announced the expiration of its exchange offers for $27.2 billion of its unsecured public notes and the related consent solicitations that were commenced on April 27, 2009. No further tenders of notes will be accepted and any notes previously tendered pursuant to the exchange offers will be promptly returned to the tendering holders.    » read more »

May 22, 2009 -- Washington – U.S. Senator Blanche Lincoln today said America’s automakers must be held accountable for their decisions to restructure and close franchise dealerships, which will eliminate thousands of jobs across the country, including Arkansas.

Last week, Chrysler LLC sent letters to eight dealerships in Arkansas informing owners they would be forced to close, affecting hundreds of Arkansas families and communities that depend on those businesses.

In a letter to Senate Commerce Committee leaders today, Lincoln said that auto companies, which have been the recipients of an extraordinary level of financial support from American taxpayers, should answer to dealership owners and their tens of thousands of employees regarding their restructuring process.    » read more »