It wasn’t designed to last long, but this could be right up there with the speediest bankrupcties ever. A leaner GM today emerged from bankruptcy a little more than a month after it filed, promising to repay taxpayers as it brings customers back and attracts new ones. The AP reports today:
Once the world’s largest and most powerful automakers, new GM is now cleansed of massive debt and burdensome contracts that would have sunk it without federal loans. The U.S. government owns a majority stake although the Obama administration says it has no plans to run the automaker.
The new GM also emerges amid the worst sales slump in a quarter-century.
At a news conference, CEO Fritz Henderson said the new GM will be faster and more responsive to customers than the old one and it will make money and repay government loans faster than required.
Read the rest of the story here and a timeline of GM’s struggles and comeback here.
... written by PlumpyBoy , July 10, 2009 - 07:12 pm
Good for GM to emerge out of bankruptcy. However, as long as Obama and his unions control GM. I'm not going to buy anything from them.
... written by BarfGagWheeze , July 11, 2009 - 04:04 am
I heard that the recent footrace in St. Landry parish for State Rep. District 40 is heating up. Too bad theInd doesn't have a clue. Gannett must be planning a spread.
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There will soon be a whole lot of shakin’ going on at Benny’s Sportshack Supplement Depot, a new concept by Opelousas native Benny Nele. Located at 2002 Johnston St., the supplement shop, smoothie bar and café, featuring hot off the press paninis and wraps, plans to open in late May.
Philip deMahy Sr., a once respected New Iberia ad exec, was sentenced May 2 to spend the next two years (he faced up to 100 years) in a state penitentiary after state and federal investigators found dozens of images depicting children engaged in lewd sexual acts on his personal computer.
This year’s Cool Town issue is all about people who are not native to South Louisiana but made a conscious decision to be here, to be among us, to participate in our culture and contribute to it.
A shelved ordinance transferring $200,000 from a northside drainage project to a south Lafayette development may not break any laws, but it stinks to high heaven.
An effort to restore a shuttered dancehall and document other vacant or razed honky-tonks could serve as a model for saving an endangered species of entertainment.
Lafayette’s gene pool has been host to a long line of eccentric characters who have blurred the lines between crazy, genius, disturbed and curiously entertaining.
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