GM files Bankruptcy

[Rocknthehawk]

http://news.yahoo.com/s/ap/20090601/ap_on_bi_ge/us_automakers;_ylt=Aj7_qEcdXv5 r0fel5uLUkagVkmwF;_ylu=X3oDMTJ 0MHFtam1zBGFzc2V0Ay9hcC8yMDA5M DYwMS9hcF9vbl9iaV9nZS91c19hdXR vbWFrZXJzBGNwb3MDMQRwb3MDMQRzZ WMDeW5fdG9wX3N0b3JpZXMEc2xrA3d oaXRlaG91c2VnZQ--

http://www.npr.org/templates/story/story.php?storyId=104772136&ft=1&f=1006

Still a surprise, even thought it was expected.

[DOOM]

Damn that sucks.

[ImpalaSlayer]

what exactly does this mean? no more chevys at all? owed by some one else?

[merc]

what exactly does this mean? no more chevys at all? owed by some one else?

From CNN

More than 650,000 retirees and their family members who depend on the company for health insurance will experience cutbacks in their coverage, although their pension benefits are unaffected for now.

Investors in $27 billion worth of GM bonds, including mutual funds and thousands of individual investors, will end up with new stock in a reorganized GM worth a fraction of their original investment.

Owners of current GM (GM, Fortune 500) shares, which closed at just 75 cents a share on Friday, will have their investments essentially wiped out.

Now that sucks big time for anybody in the car biz. From number 1 to dead last, go figure.

[rayjay]

I own a, cough, Cheby, well a Daewoo badged as a Cheby. FWIW, 11 months old, 11,500 miles, never been back, no issues, recalls, TSBs, nada... KNOCK ON WOOD.

Perhaps, all Chebies should be made in Korea?

[Egon Spengler]

Will have GMC, Chevy, and Buick.... Hummer and Saturn are gone to either be totally gone or bought out by someone else...

[Dr Caleb]

Owners of current GM (GM, Fortune 500) shares, which closed at just 75 cents a share on Friday, will have their investments essentially wiped out.

Because the NYSE doesn't allow bankrupt companies to be part of the DOW index, GM will most likely be replaced by . . .Toyota.

*ouch* Irony stings.

[CBT]

Chrysler now GM. 2 products I'll never buy again. Since my tax dollars went to bailing them out, buying a vehicle from them would be like paying for the same thing twice. I got something besides wealth they can redistribute.

[timfromme]

Just read om MSN news that yes, tax dollars is paying for it and the US government will own 60% of GM. General Motors should change there name to Government Motors.

[Joe Walsh]

From CNN

More than 650,000 retirees and their family members who depend on the company for health insurance will experience cutbacks in their coverage, although their pension benefits are unaffected for now.

Investors in $27 billion worth of GM bonds, including mutual funds and thousands of individual investors, will end up with new stock in a reorganized GM worth a fraction of their original investment.

Owners of current GM shares, which closed at just 75 cents a share on Friday, will have their investments essentially wiped out.

Now that sucks big time for anybody in the car biz. From number 1 to dead last, go figure.

It really sucks for GM employees and retirees who were heavily vested in GM stock.

[jerrym3]

No surprize, but, as an oldtimer, it still comes as a shock to me.

I can still remember my best friend getting all excited back in 1955 when his dad drove home in a new 1955 Buick Special with ............tri tone paint!

Dark green, light green, and white. (Too bad he didn't get a Buick Century, Special body with the Roadmaster engine.)

Plenty of blame to go around.

[gmtech]

f*@k Government Motors:D, hope they never sell another car, & i work at a welfare office ,i mean dealership:o

[Vortex]

Its a reorganization and Uncle Sam will more than likely make a profit on the investment in GM. Had to be done and we cant afford to lose one of the three large car manufacturers (* see II, as in World War; Subchapter: Bomber Manufacturing) It was damn near impossible for GM to compete with foreign manufacturers that have no long term employee obligations. This will help even things up. GM has announced some radical changes and introduced some nice cars lately; let hope they make it.

[guspech750]

I feel for the employees and retirees:(

[timfromme]

just read this on msn news:

<TABLE style="LINE-HEIGHT: 140%; FONT-FAMILY: Verdana, Arial, Helvetica, sans-serif; MARGIN-BOTTOM: 5px; FONT-SIZE: 100%" id=body_biz_gmclosings_090601 cellSpacing=0 cellPadding=3 width="98%" align=right><TBODY><TR vAlign=top bgColor=#eeeeee><TD>Assembly plants scheduled to close:
Wilmington, Del. Scheduled to close in July. Cars produced at the plant include the Pontiac Solstice, the Pontiac Solstice Coupe, the Saturn Sky and the Opel GT.
Pontiac, Mich. Set to shut its doors in October. Produces the GMC Sierra, a sports utility vehicle, and the Chevrolet Silverado.

Assembly plants expected to be idled:
Orion, Mich. Assembles Chevrolet Malibu and the Pontiac G6. Will halt production in September.
Spring Hill, Tenn. Assembles Chevrolet Traverse. Will halt production in November.

Two new stamping plants, which mold sheets of steel into different auto parts, are set to close permanently:
Mansfield, Ohio. Will close in June 2010.
Indianapolis. Will close in December of 2011.

One stamping plant will be idled:
Pontiac Metal in Pontiac, Mich. Expected to shut down at least temporarily in December of 2010.

Five plants where powertrain systems are produced are scheduled to close:
Livonia Engine in Livonia, Mich. Will close in June 2010.
Four other powertrain plants will close in December 2010: Flint North Components in Flint, Mich.; GM’s Willow Run Site between Ypsilanti and Belleville, Mich.; Parma Components in Parma, Ohio (near Cleveland) and Fredericksburg (Va.) Components.

Three service and parts warehouses and parts distribution centers are also on the closure list:
Warehouses in Boston, Jacksonville, Fla. and Columbus, Ohio. Set to close on the last day of this year.





</TD></TR></TBODY></TABLE><TABLE style="LINE-HEIGHT: 140%; FONT-FAMILY: Verdana, Arial, Helvetica, sans-serif; MARGIN-BOTTOM: 5px; FONT-SIZE: 100%" id=body_biz_gmclosings_090601 cellSpacing=0 cellPadding=3 width="98%" align=right><TBODY><TR vAlign=top bgColor=#eeeeee><TD>Assembly plants scheduled to close:
Wilmington, Del. Scheduled to close in July. Cars produced at the plant include the Pontiac Solstice, the Pontiac Solstice Coupe, the Saturn Sky and the Opel GT.

Pontiac, Mich. Set to shut its doors in October. Produces the GMC Sierra, a sports utility vehicle, and the Chevrolet Silverado.

Assembly plants expected to be idled:
Orion, Mich. Assembles Chevrolet Malibu and the Pontiac G6. Will halt production in September.
Spring Hill, Tenn. Assembles Chevrolet Traverse. Will halt production in November.

Two new stamping plants, which mold sheets of steel into different auto parts, are set to close permanently:
Mansfield, Ohio. Will close in June 2010.
Indianapolis. Will close in December of 2011.

One stamping plant will be idled:
Pontiac Metal in Pontiac, Mich. Expected to shut down at least temporarily in December of 2010.

Five plants where powertrain systems are produced are scheduled to close:
Livonia Engine in Livonia, Mich. Will close in June 2010.
Four other powertrain plants will close in December 2010: Flint North Components in Flint, Mich.; GM’s Willow Run Site between Ypsilanti and Belleville, Mich.; Parma Components in Parma, Ohio (near Cleveland) and Fredericksburg (Va.) Components.

Three service and parts warehouses and parts distribution centers are also on the closure list:
Warehouses in Boston, Jacksonville, Fla. and Columbus, Ohio. Set to close on the last day of this year.





</TD></TR></TBODY></TABLE>
[/quote]

[Glockafella]

Well it looks like we all own a small % of GM now, hows it feel?