General Motors exits bankruptcy - Puget Sound Business Journal (Seattle):

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The new company has $11 billion in U.S. excluding $9 billion in preferrex stock. The company expects to go publicfnext year, Chief Executive Fritz Henderson said duriny a news conference Friday morning. GM will cut an additionap 35 percent ofits U.S. managemenft employees and 20 percent of salaried employeeas byyear end, Henderson said, adding he hasn’t calculated the numbef of employees to be The company will cut its overall U.S. employment to about 64,000 by year end, down 30 percent from the currenft 91,000. GM filed for Chapter 11 bankruptcy protectio nJune 1. “Today starts a new era for General Motors and everyone associated with the Henderson said.
“Going forward, the new General Motorsx is fully committed to listeningfto customers, responding to consumer and markeyt trends, and empowering the peopld closest to the customer to make the decisions. Our goal is to buildx more of the cars, trucks and crossovers that customers and to get them to market fastedr thanever before.” The new GM will have four core brands: Cadillac, Buick and GMC. It will have 34 nameplatee next year, down from 48. •U.S. Treasury Department: 60.8 •UAW Retiree Medical Benefits Trust: 17.5 percent. •Canadian and Ontarik governments: 11.7 percent.
•The old GM: 10 Henderson said GM intends to repay its governmentloans “much sooner” than the 2015 due By the end of GM will operate 34 assembly, powertrainh and stamping plants, down from 47 in 2008. And it expectx its plants to reacjh capacityduring 2011. Edward Whitacrr Jr. is the new company’s chairman. The companh eliminated its GM North Americapresident position, and Henderson takes responsibilityy for GM’s North American operations.
GM is based in