value of the dollar fell 1 June after leading automaker General Motors filed for bankruptcy, reported Bloomberg.Dollar Cost June 1 fell after the leading automaker General Motors filed for bankruptcy, reported Bloomberg.
largest US automaker turned to the New York court for bankruptcy, a statement under the control of the US government, which will receive 60% of the new company, created in the process of reorganization.
The speaker for 77 years a world leader in the production of cars, GM asked the court for protection from creditors under Chapter 11 of the US Code (regulates the reorganization of insolvent companies under the leadership of the old management (usually in conjunction with the creditors' committee) in an attempt to avoid the complete eliminationcompany).
GM's assets are 82.29 billion dollars, the debt -. 172 810 000 000 The automaker plans to complete bankruptcy within 60-90 days.
company will retain the American brands such as Cadillac, Chevrolet, Buick and GMC.At the same time, the
expected that later on Monday, US President Barack Obama will announce the support by the state restructured company.The government will give us at least another $ 30 billion to continue operations during the bankruptcy -. Already allocated over 20 billion This is necessary to create a more competitive after the reorganization of the company.
In November 2008, the "Big Three" major US automakers - General Motors, Ford and Chrysler - have requested the US government's financial support in the amount of $ 50 billion to overcome the effects of the financial crisis, reminds RIA "Novosti".
In 2008, GM revenue was 149 billion dollars - a 31 billion less than in 2007.Net loss of US carmaker declined to 30.9 billion dollars in 2008 from 43.3 billion in 2007.
In March 2009, the US government ordered the GM's, which received at that time 15.4 billion state loans, to prepare before June 1, a new exit plan out of the crisis and warned that otherwise concern could face bankruptcy.
In the first quarter of 2009, GM net loss increased by 82% compared to the same period last year - up to six billion dollars (9.78 US dollar in terms of one ordinary share).
Revenues largest US automaker fell by 47% - to 42.4 billion dollars in the first quarter of 2008 to 22.4 billion dollars in January-March 2009.The decline of this indicator is mainly due to reduced production volume by 40% due to the decline in demand for the products of the industry.
In April 2009, the automaker and US Treasury agreed on a restructuring plan: the concern intended to cut the end of 2010 more than 20 thousand jobs at its plants in the US, as well as to stop production of Pontiac vehicles, Saturn, Saab and Hummer, - and reduce40% of its dealer network consisting of 6000 points.
Significant spending cuts demanded by the US government, will also require GM closing of several enterprises: it is planned that by the end of 2010, their number in the US will be reduced from 47 to 34, as a result of the work will lose from 21 thousand to 40 thousand people.
GM bankruptcy will actually denote the restructuring of the company and move it under state control.
leading US automaker General Motors plans in 2010 to close 13 factories in the US and to reduce their number to 34. By 2012, the number of private enterprises to grow to 14, reported the press service of GM.
implementation of this program should lead to more efficient use of GM production capacity by 2011.In addition, to December 31, 2009 GM will close three parts distribution center in Boston, Columbus (Ohio) and Jacksonville (FL).
As a result of restructuring of the business leader of the US auto industry will retain only the best brands and production capacity, the report underlines.Upon completion of this process, the concern will be called the "New GM" (The New GM).