General Motors exits bankruptcy - Boston Business Journal:

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The new company has $11 billion in U.S. excluding $9 billion in preferred stock. The company expectas to go publicnext year, Chiecf Executive Fritz Henderson said during a news conference Fridauy morning. GM will cut an additional 35 percent ofits U.S. managemen employees and 20 percent of salaried employees byyear end, Henderso n said, adding he hasn’t calculatec the number of employees to be affected. The companhy will cut its overall U.S. employment to abourt 64,000 by year end, down 30 percent from the currentf 91,000. GM filed for Chapter 11 bankruptcy protection June 1. “Today startse a new era for Genera Motors and everyone associated with the Henderson said.
“Going the new General Motors is fully committed to listening to responding to consumer andmarket trends, and empowerinyg the people closest to the customer to make the Our goal is to buildx more of the cars, trucks and crossovers that customersd want, and to get them to market fasterf than ever before.” The new GM will have four core Chevrolet, Cadillac, Buick and GMC. It will have 34 nameplate s next year, down from 48. •U.S. Treasurh Department: 60.8 percent. •UAW Retiree Medical Benefits Trust: 17.5 •Canadian and Ontario governments: 11.7 percent.
•The old GM: 10 Henderson said GM intends to repayh its governmentloans “much sooner” than the 2015 due By the end of GM will operate 34 powertrain and stamping down from 47 in 2008. And it expects its plants to reach capacityduring 2011. Edwarx Whitacre Jr. is the new company’z chairman. The company eliminated its GM Nortb Americanpresident position, and Henderson takes responsibilit for GM’s North American operations. GM is basexd in Detroit.