General Motors exits bankruptcy - St. Louis Business Journal:

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The new company has $11 billiohn in U.S. debt, excluding $9 billion in preferrer stock. The company expects to go public next Chief Executive Fritz Henderson said during a news conferenc eFriday morning. GM will cut an additional 35 percen ofits U.S. management employees and 20 percenyt of salaried employees byyear end, Henderso n said, adding he hasn’tf calculated the number of employees to be affected. The company will cut its overalp U.S. employment to about 64,000 by year end, down 30 percent from the currentt 91,000. GM filed for Chapter 11 bankruptcy protectionJune 1.
“Today starts a new era for General Motors and everyoner associated withthe company,” Henderson “Going forward, the new General Motors is fullt committed to listening to customers, responding to consumert and market trends, and empowerinbg the people closest to the customerr to make the decisions. Our goal is to build more of the trucks and crossovers thatcustomers want, and to get them to markety faster than ever The new GM will have four core Chevrolet, Cadillac, Buick and GMC. It will have 34 nameplatesd next year, down from 48. Treasury Department: 60.8 •UAW Retiree Medical Benefits Trust: 17.5 •Canadian and Ontario governments: 11.
7 •The old GM: 10 Henderson said GM intends to repay its governmentrloans “much sooner” than the 2015 due date. By the end of GM will operate34 assembly, powertrain and stampinb plants, down from 47 in 2008. And it expects its plantes to reach capacityduring 2011. Edward Whitacrer Jr. is the new company’s chairman. The compangy eliminated its GM North Americanpresidenty position, and Henderson takes responsibility for GM’s North American operations. GM is basecd in Detroit.