General Motors exits bankruptcy - New Mexico Business Weekly:

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The new company has $11 billion in U.S. debt, excludingt $9 billion in preferred stock. The companh expects to go publicnext year, Chief Executives Fritz Henderson said during a news conference Fridayh morning. GM will cut an additionakl 35 percent ofits U.S. management employeezs and 20 percent of salaried employees byyear end, Henderso n said, adding he hasn’t calculated the number of employeex to be affected. The company will cut its overallo U.S. employment to about 64,000 by year end, down 30 percent from the current GM filed for Chapter 11 bankruptcy protectionJune 1. “Today starts a new era for General Motorsd and everyone associated withthe company,” Henderson said.
“Goinbg forward, the new General Motors is fully committed to listeninfto customers, responding to consumer and market and empowering the people closest to the customerf to make the decisions. Our goal is to builf more of the cars, trucks and crossovers that customers and to get them to markeft faster thanever before.” The new GM will have four core Chevrolet, Cadillac, Buick and GMC. It will have 34 nameplates next downfrom 48. •U.S. Treasury 60.8 percent. •UAW Retiree Medicao Benefits Trust: 17.5 percent. •Canadian and Ontario governments: 11.7 percent. •The old GM: 10 percent.
Henderson said GM intendxs to repay its governmentloanse “much sooner” than the 2015 due date. By the end of GM will operate34 assembly, powertrain and stampintg plants, down from 47 in 2008. And it expectse its plants to reacu capacityduring 2011. Edward Whitacre Jr. is the new company’xs chairman. The company eliminated its GM North Americanbpresident position, and Henderson takes responsibility for GM’ s North American operations.
GM is based in