General Motors Autogiant Declared Itself Bankrupt
Billions of dollars of state aid, several restructuring plans, castling in the board of directors … Despite the occasionally emerging hope skeptical analysts could be understood. But nothing helped to the GM concern – on June 1 American autogiant declared bankruptcy.
The most important thing is that now the North American group, which was the largest car producer in the world for almost 80 years is nationalized - 60% of the shares are owned by the Governments of the United States and Canada. Barack Obama has already stated that the Government has no plans to control the GM for eternity and will get rid of GM shares as soon as they will be able to stand on their feet.
The personal expectations in the existence of the restructured group plays a Cadillac company. «Daughters» Hummer, Saab and Saturn will either disappear, or will be purchased – they are no longer needed to GM guys.
In the administration of Obama they are thinking about the establishment of a «New GM Group». More than $ 30 billion will be allocated for this, a total restructuring of the bankrupt company should be done no later than in 90 days. As a result, we should receive GM Concern, but smaller, without loss of the «daughters» and with the previous supplier.
GM was the global sales leader for 77 consecutive calendar years from 1931 to 2007. It manufactures cars and trucks in 34 countries. GM employs 244,500 people around the world, and sells and services vehicles in some 140 countries. In 2008, 8.35 million GM cars and trucks were sold globally under the brands Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Opel, Vauxhall, Holden, Pontiac, Saab, Saturn and Wuling.
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