General Motors (GM) 01 (Jun 08 - Jul 10 )

[kennynah]

GM's new ticker under pinksheet is GMGMQ

currently trading at ~96 cents...up ~29% today...

san mei mei...my question is how are you able to sell off your remaining shares, or can you even sell them through your trading platform?

[greenhoney]

who would believe that GM goes to pinksheets?

[helios]

my question is how are you able to sell off your remaining shares, or can you even sell them through your trading platform?

yes, sold b4 pinksheets.

i think, the value might not drop till zero in short time.

by the time, we are able to buyback some when the counter reinstated, the market price value might be > $2 ... at least ...

[kennynah]

this is delayed news...but since no one posted before..it should still be meaningful info...
**********
8Jun09 - 0300 EST (Barron's report)

The proposed reorganization of bankrupt General Motors (GM, GMGMQ) has left the United Auto Workers, or UAW, with an exceptionally sweet deal -- and the taxpayer essentially is footing the bill. The federal government may be lucky to get back half of the $50B owed by GM. With Wall Street anticipating a $24B market value for the retooled GM, the government loans would be valued at about 50c on the dollar, after factoring in the $8.8B of new GM debt and preferred that Uncle Sam will get. For the government to come out whole, GM's equity value would have to approach $70B , a very unlikely outcome. While financial details are sketchy, GM could emerge from bankruptcy with a strong balance sheet, $20B of cash and no net debt, according to a report by JPMorgan auto analyst Himanshu Patel. Another group that does well: banks owed about $6B by GM. They are expected to be paid in full from the government's fresh loan of $30B to a bankrupt GM. The biggest losers: the bondholders who own $27B of unsecured debt, including many individuals. They are to receive a 10% stake in the new GM, plus warrants to buy an additional 15%, The new deal, while less punitive than GM's original offer in April, may result in a recovery of little more than 15c on the dollar for the bondholders, according to analysis by CreditSights. Barron's says, investors enamored of the auto industry probably would do better with common stock or debt of Ford or shares of strong foreign car makers like Daimler (DAI), BMW, Honda (HMC) and Toyota (TM). [Reference Link]:[http://online.barrons.com/article/SB124425258013590915.html]

[kennynah]

25Jun09 - Bloomberg

reported that GM wins final approval to borrow USD33Bil from Treasury

[kennynah]

27Jun09 - 0044 EST (GM Motors)

UAW, state & local government support, and GM's efficient, flexible manufacturing operations make competitive, profitable small car in U.S. possible

1,400 total jobs to be saved

DETROIT , June 26 /PRNewswire/ -- General Motors selected its assembly plant in Orion Township , Mich. and stamping facility in Pontiac, Mich. , to build its future small car, which will add to the automaker's growing portfolio of U.S.-built, highly fuel-efficient cars, including the Chevrolet Cruze and Volt. Today's announcement will restore approximately 1,400 jobs in total -- 1,200 at Orion Assembly and 200 at Pontiac Metal Center, Building # 14.

This decision is dependent on the successful outcome of ongoing economic incentive negotiations between GM and state and local government officials.

"Small cars represent one of the fastest-growing segments in both the U.S. and around the world," said Troy Clarke , president of General Motors North America . "GM will be the only automaker, foreign or domestic, to build small cars in the U.S., and we believe Orion Assembly and Pontiac Stamping are well suited to deliver a high-quality, fuel-efficient car that competes with anything in the marketplace."

A selection team comprised of leaders from several of GM's functional areas, including manufacturing, labor relations and finance, made the final decision based on a specific set of criteria. Orion Assembly will be retooled and is anticipated to be a two-shift operation, building 160,000 cars annually - a combination of both small and compact vehicles.

"This is great news for our members at UAW Local 5960, Oakland County , and the State of Michigan , and shows the world the UAW can compete in the most competitive segment of the automotive industry," said Cal Rapson , UAW Vice President and Director, UAW-GM Department . "My heart also goes out to our UAW members in Janesville, Wisc ., and Spring Hill, Tenn. Our work will not be complete until all of our members displaced by the shrinking auto industry are returned to work. With today's announcement, we can begin to restore hope that the worst of the times are behind us."

Gary Cowger , Group Vice President of GM Global Manufacturing & Labor Relations added: "I would like to personally thank all of the key stakeholders involved in the review process, including state and local government officials. This vehicle segment is one of the toughest and most competitive in the world but with our recently modified agreement with the UAW and GM's proven capability in efficient, flexible manufacturing, it is now possible for GM to produce these size vehicles in the U.S. in a cost-competitive and profitable way."

As announced on June 1 , Orion Assembly will be placed into standby capacity status in Sept. 2009 . Pontiac Metal Center's Building #14 will be placed into standby capacity status in Dec. 2010 . Pontiac Metal's buildings #15 and #25 will close by Dec. 2010 , or sooner depending on market demand. Timing for the retooling of the small car assembly and stamping plants is still under study, but we anticipate this prep work would begin in late 2010 in anticipation of the start of production in 2011.

Two other GM assembly plants in Spring Hill, Tenn. and Janesville, Wis. were also under consideration to build the future small car. Spring Hill will be placed in standby capacity status in Nov. 2009 , as announced earlier this month. The plant could be brought online at some point in the future should GM require additional capacity due to increased market demand. Janesville was placed on standby capacity in May 2009 and will remain in that status.

GM already has a strong manufacturing presence in the United States . Currently, about 67 percent of GM cars and trucks sold in the United States are built there. With this announcement, GM anticipates that U.S. production levels will increase beyond 70 percent by 2013, augmenting its already industry-leading U.S. manufacturing footprint of by far more plants than any other OEM.

[kennynah]

24Jun09 - 2018 EST - WSJ Reports

By October 1 , GM (GM) will cut 600 more jobs than previously announced, or a total of 4,000 U.S. white-collar positions, reports the Wall Street Journal , bringing this year's total to over 6,000. When it's done with it's cuts, the auto maker is expected to have about 23,500 salaried U.S. workers, a little more than half the number it had in 2000. [Reference Link]:[http://online.wsj.com/article/SB124580173202344691.html#mod=todays_us_marketplace]

[kennynah]

again this is old news....but for documentation, here it is..

**********
2Jun09 - 1107 EST (General Motors)

Judge Authorizes Access to $15 Billion in Debtor-in-Possession (DIP) Financing

GM Can Maintain Normal Operations without Impacting Customers,
Employees and Key Suppliers

NEW YORK , June 1 /PRNewswire/ -- General Motors Corporation today reported that it has received U.S. Bankruptcy Court approval to continue honoring all vehicle warranty programs and dealer incentive plans. This and other Court orders today enable GM to assure consumers that warranty coverage on GM vehicles will continue without interruption, whether they already own a GM vehicle or intend to buy a new one; that genuine GM parts will be supplied; and that GM-trained Goodwrench specialists will perform all services.

The Court also granted approval for GM to access a new approximately $33.3 billion debtor-in-possession (DIP) financing facility from the U.S. Treasury and the Canadian and Ontario governments. The court authorized GM to use up to $15 billion of the facility on an interim basis pending a final order approving the full facility. This credit facility will be used, among other things, for the company's normal liquidity requirements, including employee wages, healthcare benefits, supplier payments, and other operating expenses.

GM intends to make payment for goods received and services provided to it on or after the filing date in the normal course of business and in accordance with terms of existing supplier agreements.

In addition, Judge Robert E. Gerber of the U.S. Bankruptcy Court for the Southern District of New York today also granted approval for a number of other first-day motions that GM made as part of its chapter 11 filings to preserve the value of GM and facilitate an expedited sale of assets to the New GM as a healthy business outside of the chapter 11 context. The orders granted by the Court will ensure that the company's business continues to function without disruption. GM has received authorization to, among other things:

-- Respect our operating and financing agreements with GMAC, supporting
continued wholesale financing for dealers and retail financing for
customers


-- Pay dealers' open accounts


-- Pay essential suppliers and logistics providers for goods and services
provided before and after the company's court filings


-- Pay all non-U.S. suppliers to GM Corporation and its U.S. subsidiaries.


-- Continue pay and benefits for employees and retirees; however, the
amount of non-qualified pension for some executive retirees may be
affected


-- Preserves, on an interim basis, GM's tax carryforwards, including a
substantial amount of foreign tax credits



-- Approved, on an interim basis, sale procedures and a hearing date of
June 30 for the proposed sale of assets under section 363 of the U.S.
Bankruptcy Code


Importantly, the Court ordered all banks to honor employee paychecks, including those dated prior to the company's June 1, 2009 court filing.

GM's president and CEO Fritz Henderson said, "Today's rulings provide important assurance to customers and ensure that GM can maintain normal operations as we work to create and launch the New GM. We will proceed with continued focus on meeting the needs of our customers in everything we do."

GM earlier today filed under chapter 11 to rapidly implement the sale of substantially all of its assets to the New GM, which will be built from GM's strongest operations and supported by a stronger balance sheet and a competitive cost structure. Because GM's sale of assets to the New GM already has the support of the U.S. Treasury, the UAW and a substantial portion of GM's unsecured bondholders, GM expects the sale to be approved and consummated expeditiously.

[kennynah]

11Jun09 - -615 EST (GM Statement)

DETROIT , June 10 /PRNewswire/ -- GM management has noticed a recent elevation in the volume and price of its common stock. While GM does not control the market or its stock price, GM management strongly believes that any recovery for the common stockholders in the chapter 11 bankruptcy process is highly unlikely, even under the most optimistic of scenarios. Stockholders of a company in chapter 11 generally receive value only if all claims of the secured and unsecured creditors are fully satisfied.

[kennynah]

4Jun09 - 0604 EST (GM Statement)

DETROIT , June 3 /PRNewswire/ -- Following the closing of the "363" sale, New GM intends to make regular disclosures during the period it is private in order to provide appropriate information regarding our financial condition.

New GM is making plans to become a public company after the sale as soon as it can meet all the reporting requirements. At that time, GM intends to comply fully with the public disclosure requirements of the U.S. securities laws, including but not limited to 10-K, 10-Q and 8-K filings.