Will GM close dealerships?
GM has announced plans to reduce its U.S. dealer network to 3,600 from roughly 6,000 by the end of 2010. It has already contacted about 1,100 dealers that it plans to end their franchises by October next year.
Will the chapter 11 be completely over after New GM exits?
When the New GM launches, the chapter 11 case will be over for all of the operations that GM customers interact with. For GM’s operations that will not become part of the New GM, the chapter 11 case will continue in order to resolve creditors’ claims and wind down those operations in an orderly way.
Will GM’s employees be part of the New GM?
Yes. GM employees will become New GM employees at the time of New GM’s launch, which is expected to be as early as July 31. Through the creation of New GM allows for the continued employment of the majority of U.S. employees, there is still need to reduce the size of the workforce for New GM to be successful. GM announced that it will substantially reduce salaried employment by 4,000 in the U.S.
Customers with question can call: 1-866-405-4005
Will GM’s common stock be delisted from the New York Stock Exchange?
GM received notice from the NYSE on June 1 that it intended to suspend trading of GM common shares effective June 2 and would move to begin the delisting process. It is the sole discretion of the NYSE as to when and whether the stock will continue trading on the NYSE.
How will GM’s common stock be traded if it is delisted from the NYSE?
If GM’s common stock is delisted by the NYSE, market makers not affiliated with GM may initiate limited trading on the Over-the-Counter Bulletin Board (OTCBB) and/or the Pink Sheets even while GM is involved in a Chapter 11 proceeding.
How will GM communicate with investors going forward?
GM expects to continue to make required filings with the SEC, including quarterly and annual reports for as long as they are required. Also, the company expects to begin submitting monthly operating reports to the court, which will be available through the court docket at www.gmcourtdocs.com].
Is there someone at GM that I can speak with regarding the future of my investment and whether I should hold or sell?
Stockholders should consult with their own professional investment advisor to assess their personal investment situation.
How will GM communicate with investors going forward?
The company will make required filings with the SEC, including quarterly and annual reports for as long as it is required.
What impact does the filing have on bondholders? How are unsecured bondholders represented in the court proceedings?
All parties, including bondholders, will be treated in accordance with the provisions of the U.S. Bankruptcy Code and the rulings of the Bankruptcy court. The office of the United States Trustee is responsible for appointing the statutory Unsecured Creditors Committee, which is charged with representing all unsecured creditors in the proceedings (including unsecured bondholders).
Where can I go to get more information on GM’s filing?
www.gm.com/restructuring and www.gmreinvention.com. Additional information, including court documents, can be found on the bankruptcy court docket at www.gmcourtdocs.com.
Stockholder or individual investor related inquiries contact 1-800-561-4182 or 1-732-512-3104
Source:Â General Motors