General bankruptcy filing is the fourth largest industrial enterprise bankruptcy case in American history. At present, GM's liabilities are $65,438+0,7281billion, and its total assets are $82.29 billion. After the de facto nationalization,
In Group A, the US government will hold 72.5% of the shares of the new GM, the trust fund formed by the trade union will hold 17.5%, and the unprotected creditors will get 10% of the shares.
At noon that day, US President Barack Obama will announce that the US government will inject another $30 billion into GM on the basis of the previous aid of $654.38+09.4 billion. Earlier, more than half of GM's bondholders said they accepted the new debt-to-equity swap scheme, and the United Auto Workers' Union and GM reached a concession agreement aimed at cutting labor costs, thus paving the way for GM to achieve rapid bankruptcy and restructuring.
After entering the bankruptcy protection procedure, GM's dealers, suppliers and other affiliated enterprises in the United States will be greatly affected. Before 20 10, GM will directly cut 2 10 jobs and close more than 2,600 factories and its 6,000 dealers. Due to the changes in medical insurance and pension plans, the lives of nearly 500,000 GM retired employees and 6,543,800+5,000 employees' families will also change. Through bankruptcy reorganization, GM will retain its Chevrolet, Cadillac, Buick and GMC brands, while Hummer, Saab, Saturn and Pontiac brands will be sold or discontinued.
GM's bankruptcy reorganization procedure in the bankruptcy court is expected to last 60 to 90 days. GM will appoint bankruptcy reorganization expert Al? Kirk is the "chief reorganization officer", responsible for the separation of the new GM and the old GM and the liquidation of the old GM. The US government and General Motors hope to acquire a new company with a healthier balance sheet and leaner business through asset restructuring.
Founded in 1908, General Motors once occupied 45% of the American market, which had a great impact on American employment and economy. Since 1980s, GM's market share has gradually declined due to its over-reliance on truck series. Over the past year or so, the financial crisis has led to a sharp drop in demand in the American auto market, and GM has therefore fallen into an inevitable business crisis. May 29th was the last trading day of new york stock market before GM filed for bankruptcy protection, and GM shares closed at the lowest price of 75 cents per share.
The deep involvement of the Obama administration is a major feature of GM's bankruptcy reorganization. The Obama administration has given GM huge financial support, and at the same time, it has set a series of goals that must be achieved to improve its operating conditions. On March 3 1 this year, Obama asked GM President Wagner to step down and be replaced by current President Henderson. In an interview with NBC at the White House on the 29th, Obama said that seeking bankruptcy protection is the only option for GM.
After the bankruptcy reorganization, the U.S. and Canadian governments will hold nearly three-quarters of the shares of the new GM, and will eventually hold these shares for several years. What role the American government will play in the future management of GM has attracted much attention from American society. Analysts here believe that if the new GM's goal of achieving profitability conflicts with the Obama administration's policy of improving fuel efficiency, it will be difficult for the Obama administration to make policy choices.
Considering the current economic situation in the United States and the difficulties faced by the automobile industry, the restructured GM still faces great challenges in production and sales. Because of concerns about the economic situation and the future operation of GM, American consumers mostly avoid GM brands when buying cars. Whether GM can produce automobile products that consumers love and rely on after bankruptcy and reorganization will be the key to its rebirth after the robbery.