“Old GM” quietly dead and buried (Autoblog)
Filed under: Government/Legal, Earnings/Financials
After 103 years of stratospheric heights and immeasurable lows, General Motors
Corp. has died. Motors Liquidation Co., or “Old GM,” as it became known during
the 2009 bankruptcy reorganization, was quietly dissolved on Thursday, Dec.
15, taking the company’s bad debts and liabilities along with it.
The dissolution leaves the newly formed General Motors. Co. to live on as the
company’s fitter and better-financed replacement. The latter, as you’ll
recall, benefited from a massive government bailout of nearly $50 billion and
the ability to restructure contracts with its suppliers, dealership bodies and
unions. The surprisingly expedient reorganization saw GM shed its Hummer,
Pontiac and Saturn nameplates, along with Swedish automaker Saab (whose own
efforts to find footing as an independent automaker sputtered into bankruptcy
earlier today). A far healthier company today, “New GM” is turning a profit
with just four U.S. nameplates – Buick, Cadillac, Chevrolet and GMC… and
it’s enjoying a newfound run of competitiveness.
For a quick refresher on the history of Old GM, check out a eulogy of sorts by
_The Detroit News_.
“Old GM” quietly dead and buried originally appeared on Autoblog on Mon, 19
Dec 2011 17:30:00 EST. Please …
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