Following in the footsteps of Chrysler, General Motors entered a motion on Tuesday in bankruptcy court to cancel all aircraft and hangar leases. GM currently has seven jet aircrafts on lease and also leases hangar space at Detroit Metropolitan Airport.
GM’s current aircraft fleet includes two Gulfstream G-Vs and five Gulfstream G350s – the latter valued at $26 million a pop. Additionally, GM also leases 342,000 square feet of hangar space at Detroit Metropolitan Airport for $41,000 per month. GM’s 25-year lease on that hangar is actually up at the end of this year, but the automaker is seeking an immediate termination of the contract, according to The Detroit News.
Former General Motors CEO Rick Wagoner drew fire late last year for taking one of the company’s jets to a Congressional hearing on emergency bailout loans. After that initial debacle GM vowed to rid itself of all but three jet aircrafts, but announced later in December it would cease all private jet operations.
