Posted on 07/10/2009 1:40:23 PM PDT by EagleUSA
DETROIT – General Motors completed an unusually quick exit from bankruptcy protection on Friday with ambitions of making money and building cars people are eager to buy. Once the world's largest and most powerful automaker, new GM is now leaner, cleansed of massive debt and burdensome contracts that would have sunk it without federal loans.
But GM, whose 40 days under court supervision was far shorter than anyone predicted, faces the worst auto sales slump in a quarter-century.
At a news conference, CEO Fritz Henderson said the revamped automaker will be faster and more responsive to customers than the old one. It will generate cash and repay billions in government loans ahead of a 2015 deadline.
The new company will build more cars and trucks that consumers want and launch them faster than in the past, the CEO said. GM also announced a partnership with eBay Inc. to test auctioning vehicles online.
"We recognize that we've been given a rare second chance at GM, and we are very grateful for that. And we appreciate the fact that we now have the tools to get the job done," he said.
(Excerpt) Read more at news.yahoo.com ...
Fine GM, and I vow to never buy an Obama car.
Absofrickinglutely!
If Cuba can do it, we can to(keep our old cars running).
..woops, two, I mean 2, too!
They may be cleansed of massive debts, but they havent paid their massive debts.
How that line of BS is never challenged I’ll never know.
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It is a bloody lie. We know it, they know it. I wonder how the UAW is going to “manage” the mess they now control? What this administration is GETTING AWAY WITH is beyond comprehension.
They'll not get one thin dime from me, ever again. My 2005 GMC Envoy Denali is the very last GM vehicle I will ever purchase. Once it's gone, it's Toyota or Honda for me. Nothing else.
They may be cleansed of massive debts, but they havent paid their massive debts.
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And they never will. This is fraud of MASSIVE proportion. They exit bankruptcy with NO ACCOUNTABILITY for their debts. And the perps do so with no remorse or accountability for their law-breaking.
No Obama motors for us. We are looking at a Ford Edge.
I haven't bought new since 1980, and I'm very comfy and not poor ( auto expense wise).
You are so correct about nothing changing so Government Motors will need to be continually be bailed out by the taxpayer. What else can you expect when they are 80% owned by the US Govt and the UAW. Like Tchris said, they will be run just like Amtrak and the USPS.
There is one thing that has changed. The bond holders were screwed and will not allow themselves to be burned again. GM still has $50 Billion in debt. They will need to reservice that debt in the future, and you can bet no private equity will buy their junk bonds ever again knowing that they will be screwed by 0zer0. Therefore, no future private equity debt so it will all be funded by the taxpayer in the future in a never ending black hole.
The following is directed to Freepers who haven't donated or signed up for monthlies yet...
Way to check the facts.
I ain’t buying a funky government car.
Pickup Truck Guy wants a new truck to replace his 10 yo top o line Silverado. Once a diehard Chevy fan, but he says this time it will not be a Chevy. He is looking at F150s and Toyota Tacomas. I wonder how many people out there feel like he does.
One here. Have an old Dodge that is worn out, but fixing to buy a used Toyota to replace. I have an older Dodge truck and had to replace transmission last December. Ok fine, truck has 270K on it, but engine is still good. If the engine goes, I can replace it for about 4K. Only reason I would replace it is if it gets stolen or totaled. Then it would be a Toyota Tundra. Just as this commie govt has been a hell of a salesman for the firearms industry, they may be the greatest Toyota salesmen as well. Nice going dim party/dim media. You all just put a lot of UAW types out of work.
That “little” Subaru mounts a 330 horsepower turbo engine, has AWD, and goes 0-60 in 4.4 seconds flat.
Nothing that Ford, GM, or Chrysler makes with four doors is that fast for less than $20,000 more, and they don’t offer AWD on that one (CTS-V) either. Anything in the price class is *slower*. That little Subaru is faster than the G8 GT, CTS, Dodge Charger SRT8 and even the upcoming Taurus SHO.
And it gets 25mpg while doing it with three of your friends in it.
No wonder the Big Three can’t sell cars.
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