General Motors is on its way out of Chapter 11
 

After a scant six weeks in bankruptcy court, General Motors is on its way out of Chapter 11. U.S. Bankruptcy Court Judge Robert Gerber approved the sale of GM's good assets to a new company lead by the U.S. and Canadian governments and the UAW healthcare fund, but gave vested parties four days to file an objection.

After two requests for a stay were denied on Tuesday and an accident victim's request was denied at the last minute on Thursday, all signs point to an exit from bankruptcy within a few days, and this morning, word from the Detroit News is that the company officially emerged from Chapter 11 at 6:30am this morning. CEO Fritz Henderson has called a 9 am press conference this morning, and one can only assume that he will declare the birth of "New GM."

GM has received $50 billion from the US government to keep the mega-corporation out of liquidation. For its troubles, Uncle Sam will receive a 60% stake in the new company. Canada, which pitched in $9 billion, will be 11.7% owners, while the UAW will receive 17.6%. Old GM will receive 10% of the new company to help creditors recoup some money. The "New GM" will be smaller in almost every way, with four fewer brands, a smaller presence in Europe, fewer employees, and a markedly more attractive balance sheet.

cool

They never got rid of the unions therefore they are going down to need a bailout soon enough.

postponing the inevitable

In a way I think GM might have a chance to move forward and build the car people want. Sometime it's good to be the underdog because most people don't think GM has a chance to turn itself around.

Also in a way we are all GM's shareholder with government aid so I think most of us do want to see GM thrive and succeed. And with 4 core brands, GM is operating much leaner by shedding a lot of cost out of the business which gives them huge earning potential once the demand starts to pick up in the next 2 - 5 years.

The new GM will be building appliances.

I watched a story last night on CNN and how the new GM will start selling cars on eBay. I assume they'll be cutting out the dealers and selling direct, should be interesting to see how that goes.

Don't see why anyone would buy an american car, GM had alot of time to develop the hydrogen car that was featured on Top Gear, why didn't that car get made into production.

Also, people in the US are lazy,fat, stupid, complain alot.They should move the car plants to mexico, and the labour would be cheaper, and the car will be made with alot better materials.

How is moving the plants to Mexico going to help create manufacturing jobs in the U.S. & Canada? And what makes you think the quality of the vehicle is going to be better if they are made in Mexico?

You know I used to dislike American car as well but let's not just count GM out yet. A little competition is good for everyone.

More and more Japanese and European vehicles are now being made in the U.S. by actual American workers and Mexican built cars aren't any better.

Even when I go buy a Japanese car I always double check that I don't get one made in the US or Mexico.

If I want one that's made there I might as well get a US branded car for a lot cheaper. Cars are simply not built with the same care and quality control when built in the US of A. Canada products are ok in comparison.

a lot of toyota and other jdm cars are made in canada or assembled in mexico tho

hell even some german cars too

Good luck
only car that I know of from Honda that is made in Japan is the S2000 and the Fit...The Beloved Civic is made in USA?

You fail at reading...he's only interested in cars not built in USA/Mexico...all others countries have good build quality (subjective).

what??... isn't that exactly what he said ?

:Petting

Jdm as in japan only? Which ones?

JDM cars are made in Japan man hahaha why would they import when they can make them domestically....

Yeah I just have subjectively and collectively bad experience with cars made in USA and Mexico regardless of brands. a VW Jetta made in Mexico rattle like hell and a USA made Camry has interior specced out to look like the inside of your fridge, and the 2003 ish Camry suffer from a lot of recall problems from US parts bin of subpar driveshafts and random nicknacks...My sister also had a US built Suzuki Vitara that started leaking like a mofo in like 5 years....

i think he just misused the word JDM

Other than a handful of hydrogen filling stations in California, where the hell would you fill it up? Every automaker out there has a hydrogen powered car, they don't sell it because there's no infrastructure to run the car.

Insights are also made in Japan.
Everything else made in N. America.

They do have plants in mexico and all over the world, just check the vin.

The infrastructure is up to the cities to build and maintain, or private companies.Everyone knows the future is hydrogen and electric powered cars. They companies can make a killing developing these stations.

If I was the major of vancouver Gregor Robertson, I would get an idea of how many electric/hydrogen car that could be sold in vancouver and start building the stations needed to get things moving." bike lanes are stupid"

I would bet that if the Lower Mainland had 10 refueling stations for each city, there wouldn't be a reason not to have clean energy cars in BC. Several wind turbines around, solar thermal panels of building over 5 stories, that would help our cities.

Politicians are responsible for maintaining cities and the population's needs, they can't just think the someone else is going to take care of it. This is why I feel like Canada is a very slow country in getting things done. For example, the Kyoto accords, we signed them but we didn't do shit to curb emissions, we just polluted even more. Canada is a high population rate among the G8 countries


I remember a Canadian Entrepreneur wanted to start building solar panels, and solar thermal panels in Canada, but the Canadian government didn't give 2 shit about it, he went to Germany, and they invested in his company, now Germany is one of the world leaders in producing solar and solar thermal energy.

Seems like you answered your own question, GM's not to blame for not having a hydrogen car on the market.