New GM emerges from bankruptcy

[Sgt Beavis]

The bankruptcy judge has approved the sale of the good GM assets to the US Treasury.

The new GM consists of Chevy, Caddy, GMC, and Buick.

GM's CEO has also stated that Bob Lutz has decided to un-retire. He will be a vice chairman responsible for marketing. I applaud this move since Lutz is one of the few very competent execs that GM had. He is directly responsible for some of GMs best products like the Caddy CTS, Pontiac G8, Malibu, and Camaro.


http://www.washingtonpost.com/wp-dyn/content/article/2009/07/10/AR2009071001473.html?nav=rss_email/components


GM Emerges From Bankruptcy After Government Bailout

eneral Motors emerged from bankruptcy early this morning, when the assets of the old company were sold to a new streamlined company that will become the "new" GM, a source close to the matter said.

The company has scheduled a 9 a.m. press conference to make an announcement.

The sale of the company's assets to the new corporation owned largely by the United States, Canada and the United Auto Workers' retiree health fund had been approved by a judge on Sunday. But the order did not go into effect until yesterday.

The court-approved sale, expected to be completed by today's announcement, will culminate a landmark government bailout.

Critics, including some of GM's creditors, have said the company should simply have been allowed to fail. But U.S. Bankruptcy Judge Robert E. Gerber wrote in a July 7 ruling that a liquidation would be "staggering" to the public. The company has 225,000 employees, 500,000 retirees, 6,000 dealers and 11,500 suppliers.

The case "raises the specter of systemic failure throughout the North American auto industry, and grievous damage to all of the communities in which GM operates," the judge wrote. "Under these circumstances I find it hardly surprising that the U.S., Canadian and Ontario government would not stand idly by and allow those consequences to happen."


Related articles:

The Rebirth of General Motors (http://www.thestar.com/article/663756)

5 challenges for the new GM (http://www.thestar.com/article/663757)

General Motors exits bankruptcy protection (http://www.msnbc.msn.com/id/31826205/ns/business-autos/)

GM,Chrysler fight reopening closed dealerships (http://www.msnbc.msn.com/id/31833405/ns/business-autos/)

Maximum Bob Goes Full Throttle For GM (http://www.cnbc.com/id/31847323)

[mikeb]

I'm still curious about whatever will happen with the pontiac brand. Will it be kept as an asset for the new gm, or sold off as an asset of the old gm? I do believe that someone with deep pockets could make a niche brand that appeals to gearheads.

[Sean88gt]

I thought Pontiac was to be killed off?

[mikeb]

I thought Pontiac was to be killed off?

Well, it is, but GM refuses to sell the marque either, unlike hummer or saab. Makes one wonder WHY GM is sitting so squarely on the pontiac brand, and seems intent on killing it stone cold dead?

I do believe that if someone was able to buy the marque and do something really interesting with it then a lot of people would be lining up to buy one. Many people remember the GTOs and firebirds that pontiac once made, and would like to see similar offerings once again instead of dullard volts and luminas. Maybe that's why GM wants so badly to kill it, to avoid the competition.

[Sean88gt]

Well, it is, but GM refuses to sell the marque either, unlike hummer or saab. Makes one wonder WHY GM is sitting so squarely on the pontiac brand, and seems intent on killing it stone cold dead?

I do believe that if someone was able to buy the marque and do something really interesting with it then a lot of people would be lining up to buy one. Many people remember the GTOs and firebirds that pontiac once made, and would like to see similar offerings once again instead of dullard volts and luminas. Maybe that's why GM wants so badly to kill it, to avoid the competition.

Honestly, I think passion can be tied to Pontiac as well as 'driver's cars' and I sincerely believe that Obama wants to kill that mind set of individuality and have the same vehicles for all.

[Sgt Beavis]

I think Pontiac will eventually be brought back as a niche brand, just like GM had intended in the first place. They'll build just one or two cars and allow them to be sold at GMC-Buick dealerships. I think there is a decent chance of this since GM is refusing to bring a rebadged G8 back as an Impala.

[mikeb]

I think Pontiac will eventually be brought back as a niche brand, just like GM had intended in the first place. They'll build just one or two cars and allow them to be sold at GMC-Buick dealerships. I think there is a decent chance of this since GM is refusing to bring a rebadged G8 back as an Impala.

Could be. The problem with pontiac (and oldsmobile for that matter) is that they had to sell rebadged chevies. I rent a lot of cars and got a chevy cobalt for two weeks, immediately followed by a G5 on the next rental. The cars were almost identical except that the G5 had a little tighter suspension/steering settings. Other than that I could not tell that much difference between the two. I qlso got a G6 on a rental once, and that was a decent car. It did scream "bonneville" to me though.

At least in the old days there were more differences, and there wasn't so much blatent sharing between divisions.

The GTO fiasco has been well documented, so I don't need to go into it here.

[forever_frost]

They want GM funded with TARP funds

[Sgt Beavis]

They want GM funded with TARP funds

It isn't a matter of "want". They have been "doing" it since January.

[forever_frost]

True. I was referring, however, to a continual funding

[Sgt Beavis]

True. I was referring, however, to a continual funding

Well they are claiming that the spigot is now closed for GM and Chrysler. Today's purchase of GM is the last bit of funding they will get.

Frankly I think they are telling the truth on that one. GM has shed so much debt that it can't help but survive.

HOPEFULLY they'll do an IPO next year or in 2011 and well get some of our money back when the Feds sell their stock...

[Slammy]

"The new GM, where we told the people we already borrowed millions from to go fuck themselves!"

I cant believe this shit, while i love american cars the deal with GM is complete BS. I personally dont see GM being saved, the common american family hates american cars now especially GM. They have sat on their asses too long and now have generations of families that have never owned an american car cause they think they suck so bad.

I knew the writing was on the wall when truck and big SUV sales went to shit since that was the only market that GM was doing well in. Then toyota came out with a good fullsize truck so it was only a matter of time before they lost that market to toyota aswell even if they didnt run out of money. Sometimes i feel like this whole country in every aspect is fucked i swear. What in the hell is going on, we used to make the worlds most beautiful cars and everybody wanted one, sucks what has happened.

[Taylor]

I sincerely believe that Obama wants to kill that mind set of individuality and have the same vehicles for all.

http://img186.imageshack.us/img186/7094/tinfoilhati.jpg

[GhostTX]

This is good new, IMO.

GM May Revive Its Popular Pontiac G8
The muscle car, which was to die along with Pontiac, may get a reprieve under Bob Lutz and called the Chevy Caprice.
http://www.businessweek.com/bwdaily/dnflash/content/jul2009/db20090710_847893.htm?campaign_id=rss_topStories

[Sgt Beavis]

This is good new, IMO.


http://www.businessweek.com/bwdaily/dnflash/content/jul2009/db20090710_847893.htm?campaign_id=rss_topStories

Yea, I read that this morning. There is at least one great thing coming from Bob Lutz's un-retiring. The article states that it would be expensive to convert it to the caprice but that is BS. All they have to do is rebadge it with a new grill. No need to do anything else.

[Bzilla332]

Quote:
Originally Posted by Sean88gt
I sincerely believe that Obama wants to kill that mind set of individuality and have the same vehicles for all.

http://img186.imageshack.us/img186/7094/tinfoilhati.jpg

Personally, I agree with the OP. Obama does want to eliminate choice.