Follow up to previous postings on GM bankruptcy, this release: The New General Motors Company Launches Today – “…The new General Motors launches with a clear and simple vision – to design, build and sell the best vehicles in the world…General Motors Company is primarily owned by the governments of the United States, Canada and Ontario, and by a trust fund providing medical benefits to UAW retirees. Specifically, common stock will be owned by: U.S. Department of the Treasury: 60.8 percent; UAW Retiree Medical Benefits Trust: 17.5 percent; Canada and Ontario governments: 11.7 percent; The old GM: 10 percent.”
- New York Times: As It Exits Bankruptcy, G.M. Faces Challenges – “In a sign of how much G.M. had changed, one of its first moves will be to eliminate the jobs of more than a third of its executives, positions that had gone largely untouched even as factories closed, engineers were laid off and retirees lost benefits.”
- Related postings on financial system
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