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GM moves to speed sale and exit from Chapter 11
GM seeks rapid downsizing after striking a memo of understanding to sell Hummer and receiving the first 300 million euro loan payout for Opel. The company aims to emerge leaner within 60 to 90 days, with plans to form a restructured entity in which the U.S. government holds a 60 percent stake and bondholders and union receive chunks of the New GM.
MENTIONED IN THIS ARTICLE
New York
General Motors Corp
U.S
Fritz Henderson
CBS
Adam Opel Gmbh
Opel
Magna International Inc
Sberbank
Chrysler LLC
Auburn Hills
Fiat
Sharon Lindstrom
Protiviti
Chrysler
Treasury Department
Lindstrom
Saturn
Pontiac
Chevrolet
Cadillac
Buick
GMC
Europe
Italy
Fiat Group Spa
Harvey Miller
Miller
United Auto Workers Union
Robert Gerber
Gerber