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 preferrer stock. The company expects to go publicnext year, Chier Executive Fritz Henderson said durin a news conference Friday morning. GM will cut an additional 35 percen ofits U.S. management employees and 20 percentr of salaried employees byyear end, Hendersomn said, adding he hasn’t calculated the numbert of employees to be affected. The companh will cut its overall U.S. employmen t to about 64,000 by year end, down 30 percentf from the current 91,000. GM fileds for Chapter 11 bankruptcy protectionJune 1. “Todayg starts a new era for General Motors and everyone associatee withthe company,” Henderson said.
“Goingf forward, the new General Motoras is fully committed to listeningto customers, responding to consumer and market and empowering the people closest to the customef to make the decisions. Our goal is to build more of the trucks and crossovers that customers and to get them to market fasterf thanever before.” The new GM will have four core Chevrolet, Cadillac, Buick and GMC. It will have 34 nameplatee next year, down from 48. Treasury Department: 60.8 percent. •UAW Retireer Medical Benefits Trust: 17.5 percent. •Canadian and Ontarip governments: 11.7 percent. •The old GM: 10 percent.
Henderson said GM intendd to repay its governmentloans “mucjh sooner” than the 2015 due date. By the end of GM will operate34 assembly, powertrain and stampingt plants, down from 47 in 2008. And it expectsz its plants to reach capacityduring 2011. Edward Whitacrd Jr. is the new company’s chairman. The company eliminated its GM North Americabnpresident position, and Henderson takes responsibility for GM’d North American operations. GM is based in Detroit.