Now that a federal court has divided up “good” and “bad” assets from General Motors, the so-called New GM says it plans to exit bankruptcy by the end of this week.
“We expect the sale to close immediately after the appeal process is exhausted later this week, and for the new GM to be operational and fully competitive, with an exciting line of new products, a smaller and more focused brand portfolio, and a clear mission to put the customer first in everything we do,” GM CEO Fritz Henderson said in a prepared statement made on the company’s blog this morning.
“Our focus in recent weeks has been on creating a new company from the strongest parts of the old GM, and on doing it with transparency and speed. This has been an especially challenging period, and we’ve had to make very difficult decisions to address some of the issues that have plagued our business for decades,” Henderson said.
“We have, in effect, been fixing our bike while we ride it. Now the repair work is almost done, and we’re steering the company back onto a path to viability and success. We’re ready for the challenge, and prepared to ride as fast as we can.”
07/06, 1:35 PM
posted by:
CiNO
Congratulation!!! And GM killed its own legendary Pontiac brand.
07/06, 1:38 PM
posted by:
johnnycanuck
Fritz is obviously a talented guy. He can ride a bike and spew bullsh*t at the same time.
07/06, 1:58 PM
posted by:
mayer_ray_nagin
I’ve contacted the judge and Fritz. They said NMOFGM will be part of the Old Bad GM and will be dumped with the bad assets.
07/06, 2:16 PM
posted by:
shaver
They shed massive legacy costs, got out of lots of unfavorable deals with vendors and got to borrow money at advantagous rates. This is a whole new company, with out most of the dsadvantages that have hampered its competetiveness in the past. Their lineup is best its been in years, quality ratings are strong, cost per car just went way down and they are strong in many of the merging markets. Now if they could just team up with the right asian partner on small cars (hint: they make yellow motorcycles).
07/06, 2:21 PM
posted by:
JakeK66
I’m still waiting on the judge to make a verdict on the New Jake, that way I can dump all my bad traits and friends to keep my good traits, looks and friends without any bad feelings, as well as be paid by the Government in the process. Now all I need is a slutty Italian wife like Fiat and I’d be all set!
07/06, 2:46 PM
posted by:
Lariat Luxury Locomotive Liner No.3
I’ll tip my hat to the new constitution
Take a bow for the new revolution
Smile and grin at the change all around
Pick up my guitar and play
Just like yesterday
Then I’ll get on my knees and pray
We don’t get fooled again
Don’t get fooled again
No, no!
.
Yeaaaaaaaaaaaaaaaaaaaaaaaaah!
.
Meet the new boss
Same as the old boss
07/06, 2:49 PM
posted by:
Dante_JoseCuervo
oh NMOFGM where did you go?
07/06, 2:50 PM
posted by:
leftwingagenda
jake, i’ll step in as judge, you may proceed, best of luck with the slutty wife, just don’t pick her up on the east side…or if you do, wrap it 3 times and get de-loused after the honeymoon…
07/06, 3:17 PM
posted by:
scratchy
they will make a movie when this is over : The Good , The Bad and The Bankrupt.
07/06, 3:29 PM
posted by:
JakeK66
LOL @ Leftwing…
I was thinking of going to Miss Kitty’s to find her, or if I wanted a little higher class slut, there’s always Hustler/Penthouse/PTs or Hollywood…
07/06, 3:49 PM
posted by:
NRG
Give No More Koolaid for GM some time guys to make one of his infamaous comments. Then we can burn him as usual.
Lets hope GM learns from its mistakes. I doubt it since theys till have a lot of over the hill guys in management. We’ll know better in about two yrs. I just wish the government could do for me what they did for GM and Chrysler.
07/06, 4:13 PM
posted by:
05Z88Path
@ scatchy
Put in a call to Clint Eastwood right away. Sounds like a great idea!
07/06, 4:24 PM
posted by:
beatusmongous
LLLL#3, you beat me to it.
Power sure is corruptive…
07/06, 4:40 PM
posted by:
mayer_ray_nagin
Jake, I recommend large manicotti pasta as a condom substitute to wrap it in when dealing with slutty italians.
07/06, 5:03 PM
posted by:
Lawnchair88
No matter how good new GM is, they’re going to carry over too many negative connotations. They just can’t get out from under their old bad decisions.
07/06, 7:46 PM
posted by:
Lariat Luxury Locomotive Liner No.3
What the hell, let’s give GM another $19 BILLION dollars for sport! Which is exactly what the government is going to do. God bless America, land…
07/07, 7:14 AM
posted by:
carstuff
LLLL, just so we are clear, the $19 billion is part of the $30 billion from the DIP financing.
Does anybody have a run down of where the $30 billion is going? I have discussed before but yet to find a nice list.
$1 billion x 8 = $8 billion cash burn per month until profitable
$2.5 billion Delphi
$1.2 billion Old GM to shut it down
$xxxx Buy outs
07/07, 12:45 PM
posted by:
ricky_b
Everyone talks about reliability, etc. This would keep me from looking at a car brand more than anything else right now. It’s scary to think of the short and long term implications to the stability of GM. This is not a sound quick fix.