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post #1 of 14 (permalink) Old 07-10-2009, 10:58 AM Thread Starter
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New GM Emerges from Bankruptcy


Today the sun rose on a New General Motors, a move which will also see the sun set on a lot of people's careers. GM emerged from bankruptcy protection at 6:30 a.m. Eastern Time with news of a serious corporate restructuring plan that will take effect over the next few months.

Due to leadership (and in some cases arm-twisting) by the Obama Administration, the new GM, headed by CEO Fritz Henderson, is poised to return to its once-great status after shedding its debt and healthcare obligations by a massive $48 billion. Much of this comes as the UAW made serious concessions in accepting a new contract with the automaker. GM also hopes to significantly reduce its cash-burn after eliminating a third of it's dealership network. Additionally, the automaker looks to profit from the sale of the Saturn, Saab and Hummer brands, as well as through selling-off much of its stake in its European operations, including Opel to Canadian autoparts manufacturer Magna International.

"Today marks a new beginning for General Motors, one that will allow every employee, including me, to get back to the business of designing, building and selling great cars and trucks and serving the needs of our customers," CEO Fritz Henderson said in a statement.

Henderson's plan will see 6,000 (or 20 percent of) white-collar employees loose their jobs by October, with 35 percent of all executives being dismissed. Many executives will be cut from the company's old Automotive Strategy Board and Automotive Product Board, a complex, multi-tiered system of management which will be axed in favor of a small committee that will meet weekly to make decisions about the future of the company.

Henderson says the move will cut those making the decisions at GM in half as the automaker focuses on its four key brands - Chevrolet, Buick, GMC and Cadillac.

Sales and Marketing will also no longer be under the leadership of one individual, as that part of the company is split. Sales will report directly to Henderson, who was unclear about what that meant for the current Sales & Marketing boss, Mark LaNeve. GM will also bring back veteran Bob Lutz to manage marketing, as well as design, brands and communications.

This will be a particularly vital role as GM looks to introduce a new line of vehicles into the marketplace to help re-brand the company. In total 10 new vehicles will launch in the U.S. in the next 18 months, with 17 overseas.

More: New GM Emerges from Bankruptcy on AutoGuide.com
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post #2 of 14 (permalink) Old 07-10-2009, 11:13 AM
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Bitter sweet! No Pontiac !! John Wilson

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post #3 of 14 (permalink) Old 07-10-2009, 12:08 PM
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It's the official beginning over Government Motors.
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post #4 of 14 (permalink) Old 07-10-2009, 12:25 PM
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GOOD NEWS!!! Bob Lutz is coming back!!! The G8's inspiration will be insprigin products at GM. I think this doubles the chance of a Buick Grand National G8

http://news.yahoo.com/s/ap/us_gm_bankruptcy
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post #5 of 14 (permalink) Old 07-10-2009, 12:39 PM
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Bringing Bob Lutz back is a good thing. The brain behind the Holden/U.S. import. He brought the GTO, G8, and brought the Camaro out of retirement. He will be the only person that will be able to put a performance oriented rear drive sedan platform outside the Cadillac brand. Chevy Impala SS, Buick Regal/Gran Sport on the Theta platform. Hopefully he can make it happen.

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post #6 of 14 (permalink) Old 07-10-2009, 03:10 PM
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Originally Posted by rcpepper View Post
Bringing Bob Lutz back is a good thing. The brain behind the Holden/U.S. import. He brought the GTO, G8, and brought the Camaro out of retirement. He will be the only person that will be able to put a performance oriented rear drive sedan platform outside the Cadillac brand. Chevy Impala SS, Buick Regal/Gran Sport on the Theta platform. Hopefully he can make it happen.

Rob
I didnt think i was delirious when i seen Bob Lutz in the article! Cant wait to see what happens!
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post #7 of 14 (permalink) Old 07-10-2009, 05:27 PM
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So GM and the government snapped their fingers and tapped their heels, and now everything is right with the company? They've done in a few weeks what GM couldn't fix in the past 20 years?


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post #8 of 14 (permalink) Old 07-10-2009, 05:30 PM
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So GM and the government snapped their fingers and tapped their heels, and now everything is right with the company? They've done in a few weeks what GM couldn't fix in the past 20 years?



100% in agreement!

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post #9 of 14 (permalink) Old 07-10-2009, 07:31 PM
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So GM and the government snapped their fingers and tapped their heels, and now everything is right with the company? They've done in a few weeks what GM couldn't fix in the past 20 years?

In the bankruptcy, GM dumped the retiree benefits that were killing them. If I recall correctly, GM has 3 retirees for every active employee. That's the main reason, other than stupidity, that they were losing so much money. Pretty soon there will be lots of applicants for greeter jobs at Walmart. The gravy train has entered the final station.

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post #10 of 14 (permalink) Old 07-13-2009, 12:42 PM
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Pontiac legacy in the New GM

How does the Pontiac legacy fit into the New GM's structure? Are our G8 warranties now the obligation of Motors Liquidation company, or still GM's (New) responsibility? What about future recalls and TSB's? will any service recalls for Commodores be acceptable as evidence provided to the dealership? And it states expressly on GM's website that vehicles must be warranty serviced at their division dealerships (e.g. Chevy at Chevrolet dealerships, etc.), even though this contradicts media reports that Pontiac warranties will be good at GM dealerships nationwide. Has this been confirmed by anyone here?
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post #11 of 14 (permalink) Old 07-13-2009, 01:10 PM
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Pontiac IP and liabilities are part of New GM, from what I have heard. GM wants you to go to a Buick-GMC dealership but I believe you will also have the option of going to a Chevy dealership for warranty service (check with your closest non-Pontiac dealership and see about crossline warranty when Pontiac goes).

And, whomever posted that GM dumped retiree benefits was wrong. My mother-in-law is a GM retiree - she did lose dental and vision coverage but her pension is fine.

The healthcare obligations (VEBA) have been turned into stock, which the UAW, like the government, will sell when/if NewGM goes public (no sooner than mid-2010)...


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post #12 of 14 (permalink) Old 07-14-2009, 12:13 AM
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The healthcare obligations (VEBA) have been turned into stock, which the UAW, like the government, will sell when/if NewGM goes public (no sooner than mid-2010)...
I'd rather have California IOUs in my pension fund than a ton of GM stock. The odds of massive profits are slim and there will be a great deal of selling pressure on GM stock for long time to come.

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post #13 of 14 (permalink) Old 07-14-2009, 05:55 AM
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Originally Posted by rcpepper View Post
Bringing Bob Lutz back is a good thing. The brain behind the Holden/U.S. import. He brought the GTO, G8, and brought the Camaro out of retirement. He will be the only person that will be able to put a performance oriented rear drive sedan platform outside the Cadillac brand. Chevy Impala SS, Buick Regal/Gran Sport on the Theta platform. Hopefully he can make it happen.

Rob
Maybe I havenít read enough threads and Iím stating something thatís already covered elsewhere in this forum, anyway, in Oz papers today Bob Lutz was quoted as stating that GM may reintroduce the G8 as a Chev since it is already marketed in the Middle East as a Chevy Lumina.
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post #14 of 14 (permalink) Old 07-14-2009, 08:23 AM
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Originally Posted by AmpedG8 View Post
So GM and the government snapped their fingers and tapped their heels, and now everything is right with the company? They've done in a few weeks what GM couldn't fix in the past 20 years?

GM has basically been split into 2 entities. One portion is the manufacturing end that is debt free. The other portion has all the debt and is obligated to pay it off. Meanwhile, creditors cannot collect from GM unless they were part of the bankruptcy process. If they were, then they're getting what's owed to them from the bad sector of GM.
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