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UPDATE: GM Files Voluntary Chapter 11 to Implement 363 Sale Agreement
June 1, 2009: General Motors today announced that it has reached agreements with the U.S. Treasury and the governments of Canada and Ontario to accelerate its reinvention and create a leaner, stronger "New GM" positioned for a profitable, self-sustaining and competitive future.
Pending approvals, the New GM is expected to launch in about 60 to 90 days as a separate and independent company from the current GM, with two distinct advantages: it will be built from only GM's best brands and operations, and it will be supported by a stronger balance sheet due to a significantly lower debt burden and operating cost structure than before. The New GM will incorporate the terms of GM's recent agreements with the United Auto Workers and Canadian Auto Workers unions and will be led by GM's current management team.
The New GM will execute the key elements of its April 27th viability plan, along with additional initiatives, to achieve winning financial results by putting customers first, concentrating on adding to the company's line of award-winning cars and trucks through four core brands and continuing to invest in green, energy-saving technologies.
What does this mean for GM's current customers and future car buyers?
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You should have total confidence that:
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Our products are safe and sound
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We will honor your existing warranty;
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GM dealers will have the same access to replacement parts as they always have;
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Customers of discontinued brands or dealerships that have closed as part of GM's viability initiative will continue to be supported by other GM dealerships;
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Customer promotions and incentives will continue without interruption;
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You do not need to do anything differently regarding your warranty;
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There is no impact on OnStar service; your OnStar subscription will remain in place;
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GM continues to have a nation-wide network of Goodwrench technicians trained to perform maintenance and repairs on your GM vehicle
Does Bankruptcy mean GM is going out of business?
ABSOLUTELY NOT!
GM has entered chapter 11 to launch the New GM through the powerful tools of the Bankruptcy Code. GM will take the necessary actions to transition operations and launch a highly competitive New GM. Importantly, GM has the support of the U.S. and Canadian governments and the UAW in this effort.
Can we expect to see new products and technologies in GM's future portfolio?
Yes. GM will continue to make significant investment in future products and new technologies. The New GM will have a number of key vehicle launches in 2009 and 2010 including:
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Chevrolet Camaro, a dramatic, moderately priced sport coupe with highway fuel economy up to 29 mpg.
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An all-new Buick LaCrosse premium mid size sedan
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The luxury mid size Cadillac SRX crossover and CTS Sport Wagon
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The Chevy Equinox and GMC Terrain, mid size crossovers with class-leading highway fuel economy of 32 mpg
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The Chevy Cruze, GM's new global compact car
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The revolutionary Chevy Volt, an extended-range electric vehicle that can travel up to 40 miles on battery power alone.
for more information, visit www.GMReinvention.com
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