Rus News Journal

The largest American concern Dzheneral motors became the bankrupt

In the USA there was for what many waited, but almost all to the last did not believe that such is actually possible.

one of columns of the American economy became the Bankrupt. Thus a question who following, sounds all less provokatsionno. Simply more and more experts are assured that such is a unique variant of rescue of the American companies from multi-billion debts.

Concern Dzheneral motors (GM) officially recognised itself as the bankrupt and has begun legal proceedings of protection against claims of creditors. The corporation, and an icon of the American capitalism goes bankrupt not simply. GM more than centuries personified good workplaces for Americans and the American superiority in the industry. The event scale is that that with the special statement US president Barack Obama has acted in Washington. And right after performances of the president a press - conference were given by the president and chief executive GM Frits Henderson.

GM will close in the USA 11 factories and will stop four more, will dismiss 21 thousand American workers. Will be closed and 2600 of six thousand dealer centres.

New the company becomes much more compact, will let out, as is planned, 10 million cars a year and will keep only competitive Chevrolets, Cadillac, Buick and GMC, and Pontiac, Saturn, Saab and Hummer will be sold.

the Main owner Dzheneral motors there is a government of the USA. It has already allocated to concern 20 mlrd dollars to keep it afloat, and will add 30 more mlrd under the plan of radical re-structuring. As now to concern it is simple there is nothing to conduct manufacture. For the disturbed owners legkovushek and trucks GM it is especially underlined that spare parts and warranty service will be provided.

the Controlling stock - 72,5 percent of shares - will get to the government. As mrachnovato joke in America, abbreviation GM will remain, but it already will be not General Motors, and Government Motors (government Motors).

However, the state does not intend to hold long in the hands this huge business and, according to representatives of the White house, will get rid of it as soon as economic conditions will allow.

the Mighty trade union of Incorporated autobuilders (UAW) has gone on serious concessions on wage freeze and cancellation of awards that will allow the new company to save to 1,3 mlrd dollars a year. Besides reservations which will complicate to trade union the organisation of strikes are accepted.

And here owners of long-term bonds GM have disagreed to extinguish on the offer debts under securities at a rate of 24 mlrd dollars in exchange for 10 - a percentage share in a share capital of the new re-structured firm. That this transaction has taken place, the consent of 90 percent of investors was necessary. However it was typed them much less. Therefore the concern also will take cover behind article 11 of the Law about bankruptcy which assumes protection against creditors. It is expected that legal proceedings will come to the end during 60 - 90 days.

By last Friday the price of actions GM has fallen to 75 cents for a piece - such did not happen since Great depression. Only in the first quarter of this year GM has suffered losses at a rate of 6 mlrd dollars.

the Government is not going to interfere with a daily management of concern. However board of directors it will be appreciable it is updated also new members will be appointed from a permission and at the initiative of the government. President Barack Obama has disposed to dismiss one month ago the former head of concern Richard Vagonera. Its administration ordered GM to be adjusted on release of economic cars and to leave on self-support with manufacture of 10 million cars in a year instead of present 16 million So the intervention element in affairs is present.

Representatives of the government should answer now many inconvenient questions concerning new GM. We will tell, if the American tax bearers have paid the company why it plans to open factories in Mexico and South Korea? Then Americans have paid that from the country their workplaces are taken out.

Meanwhile

On Sunday the American court on affairs about bankruptcy has approved transfer of almost all actives of concern of Chrysler which total cost makes about two billions the dollars, the new corporation headed by the Italian motor-car manufacturer Fiat . In new Chrysler 68 of percent of shares will belong affilirovannomu with trade union UAW to insurance fund. 20 percent will get to corporation Fiat and the others 12 percent of shares will receive the governments of Canada and the USA.