New General Motors company launched

The new General Motors Company began operations today with a new corporate structure, a stronger balance sheet, and a renewed commitment to make the customer the center of everything the new GM does.

"Today marks a new beginning for General Motors, one that will allow every employee, including me, to get back to the business of designing, building and selling great cars and trucks and serving the needs of our customers," said Fritz Henderson, president and CEO.

"We are deeply appreciative for the support we have received during this historic transformation, and we will work hard to repay this trust by building a successful new General Motors."

[B]Created from the old GM's strongest operations in an asset sale approved by the bankruptcy court on July 5, the new GM is built on[/B]:

* Four core brands in the U.S. (Chevrolet, Cadillac, Buick and GMC) and the largest, strongest dealer network in the country,

* A fresh lineup of Chevrolet, Cadillac, Buick and GMC cars, trucks and crossovers, each with leading-edge designs and technologies that matter to both consumers and the environment,

* A competitive cost structure, a cleaner balance sheet, and a stronger liquidity position that will enable GM to invest in new products, key technologies, and its future,

* A winning culture focused on customers and products.

[B]A pledge to regain trust and confidence[/B]

General Motors Company is primarily owned by the governments of the United States, Canada and Ontario, and by a trust fund providing medical benefits to UAW retirees. Specifically, common stock will be owned by:

* U.S. Department of the Treasury: 60.8 percent

* UAW Retiree Medical Benefits Trust: 17.5 percent

* Canada and Ontario governments: 11.7 percent

* The old GM: 10 percent

"We are very appreciative of the support provided by the stakeholders through the transformation process. Though General Motors Company will not initially be publicly traded, we will be transparent in our financial and other reporting to further strengthen trust and confidence," said Henderson.

"We expect to take the company public again as soon as practical, starting next year, and to repay our government loans as soon as possible. We are required to pay off the loans by 2015, but our goal is to repay them much sooner."

Credits: JRC