New General Motors expected to exit Chapter 11

[camaro5]

By TOM KRISHER and EMILY FREDRIX, AP Business Writers Tom Krisher And Emily Fredrix, Ap Business Writers – 1 hr 47 mins ago

DETROIT – After a night spent signing mounds of paperwork authorizing the transfer of cash, real estate, technology and other property, GM attorneys are expected to officially usher the new General Motors out of bankruptcy protection on Friday and onto a path toward a hopefully profitable future.

Once the world's largest and most powerful automaker, the troubled company is expected to emerge cleansed of massive debt and burdensome contracts that would have sunk it without federal loans. Spurred on by the Obama administration's support, the process took just 40 days, even slightly quicker than crosstown rival Chrysler Group LLC's 42-day timeframe.

On Thursday, a bankruptcy court order allowing GM to sell most of its assets to a new company went into effect. The new GM, 61 percent owned by the U.S. government, will face a brutally competitive global automotive market in the middle of the worst sales slump in a quarter-century.

More:

http://news.yahoo.com/s/ap/20090710/..._gm_bankruptcy

[Mindz]

yup, supposed to be out on friday.

[Zabo]

61%.. even as a GM fan I find that a sour taste in my mouth no matter how optimistically I look at it. Sure the Camaro's there as are some very good vehicles.. but it just doesn't feel right.

"I have a bad feeling about this..."

[sigma_1966]

Local news just announced GM officially out of bankruptcy. Cant find anything on net yet as it might be kind of soon

[69Firebird]

Supposedly they will be out of Bankruptcy today.
If I pick my Camaro up this week, did I buy it from "Old GM" or "New GM" ?

[Supermans]

Originally Posted by 69Firebird

Supposedly they will be out of Bankruptcy today.
If I pick my Camaro up this week, did I buy it from "Old GM" or "New GM" ?

You pre-ordered under old GM, and it was built under old GM..However you pick it up and pay for it under new GM..Legally you fall under new GM for any liability that will occur do to faulty mechanics that may cause personal injury to you...So I would say you fall under new GM as of today...But in reality your car was built by old GM technology and experience..If there is ever a redesign of the Camaro, new engine...more green version..Then I would call it new GM...

[sigma_1966]

Does it matter its the meanest SOB out there right now

Originally Posted by 69Firebird

Supposedly they will be out of Bankruptcy today.
If I pick my Camaro up this week, did I buy it from "Old GM" or "New GM" ?

[TomServo]

Originally Posted by sigma_1966

Local news just announced GM officially out of bankruptcy. Cant find anything on net yet as it might be kind of soon

http://www.msnbc.msn.com/id/31826205/ns/business-autos/

Now the real work begins, will consumers buy their products in sufficient for the new GM to make a profit, re-pay the BILLION's dumped in by tax payers and still have enough R&D $$$ to design and build quality and dependable cars folks want to buy and lure folks away from the imports???

That's the BILLION dollar question.

[blaSSt]

http://money.cnn.com/2009/07/09/news...ex.htm?cnn=yes

[69Firebird]

Originally Posted by sigma_1966

Does it matter its the meanest SOB out there right now

Haha, yeah you're right, either way the Camaro is pretty wild.
I wonder if there will be any changes to the warranty, are they going to continue to be government backed?

[Supermans]

Originally Posted by sigma_1966

Does it matter its the meanest SOB out there right now

It matters in the legal sense.. But for many it is about American pride. I for one will not buy another Chevy vehicle while it is owned and operated by the current Government system. It is a personal choice and that is coming from someone who has bought two GM vehicles in less than 5 years time. I will support Ford down the line as long as they stay privately owned and operated as they currently are.. And believe me I am not making this decision lightly. I just hate it when the Government is trying to force you to buy a type of car I don't want.. The $3,500 back for your gas guzzling clunker is one such incentive. The cars you can trade in vs the cars you can choose is based on the disparity of how much the average miles per gallon savings you get. So All the car's I want are not included in the deal to buy.. Then you have the gas guzzler tax thrown in on top of the car I want and slowly the Government is trying to kill the market for the high powered performance vehicles like the Dodge Challenger and even the V8 Camaro SS which in the future may very well get the gas guzzler tax as well.. So you see it is a personal decision but one I have the right to make...

Originally Posted by TomServo

http://www.msnbc.msn.com/id/31826205/ns/business-autos/

Now the real work begins, will consumers buy their products in sufficient for the new GM to make a profit, re-pay the BILLION's dumped in by tax payers and still have enough R&D $$$ to design and build quality and dependable cars folks want to buy and lure folks away from the imports???

That's the BILLION dollar question.

Name me one Government entity which actually cares to make a profit? The answer to that question is that there is none. More money will be thrown in to GM in Research and Development specifically for "greener vehicles" which in the long run is not what people want to be driving (however it is the current Governments goal to force you to buy one by making everything else more expensive and or more difficult) The other method is raise the "green" standards for all vehicles which design-wise also changes the way all the other vehicles are built so they meet new standards.. Do you see how internally and externally the Government is shaping and changing what should be the goal GM should have which is to make a profit and build cars people want to buy?

People want to buy the Camaro, Challenger, Mustang because they are cool looking cars first and foremost and have performance numbers to back them up.. Do you think the current Government wants those three cars to be the first thing people look for when deciding on a new car?

I just pray and hope things change back to an America I can be proud of once more. Where American's with ingenuity are creating products that people want to buy and are proud to buy.. Sadly I just don't see this as the goal anymore..

[Nezacant]

There will be a press conference today at 9 AM EDT.

http://www.bloomberg.com/apps/news?p...d=aCC7ukMB99sw

“We are pleased that General Motors is now free to emerge from bankruptcy and are confident that we can work expeditiously with the company to close the sale on July 10th,” said Meg Reilly, a Treasury spokeswoman.

[OrangeCruSSh]

Originally Posted by Supermans

It matters in the legal sense.. But for many it is about American pride. I for one will not buy another Chevy vehicle while it is owned and operated by the current Government system. It is a personal choice and that is coming from someone who has bought two GM vehicles in less than 5 years time. I will support Ford down the line as long as they stay privately owned and operated as they currently are.. And believe me I am not making this decision lightly. I just hate it when the Government is trying to force you to buy a type of car I don't want.. The $3,500 back for your gas guzzling clunker is one such incentive. The cars you can trade in vs the cars you can choose is based on the disparity of how much the average miles per gallon savings you get. So All the car's I want are not included in the deal to buy.. Then you have the gas guzzler tax thrown in on top of the car I want and slowly the Government is trying to kill the market for the high powered performance vehicles like the Dodge Challenger and even the V8 Camaro SS which in the future may very well get the gas guzzler tax as well.. So you see it is a personal decision but one I have the right to make...




Name me one Government entity which actually cares to make a profit? The answer to that question is that there is none. More money will be thrown in to GM in Research and Development specifically for "greener vehicles" which in the long run is not what people want to be driving (however it is the current Governments goal to force you to buy one by making everything else more expensive and or more difficult) The other method is raise the "green" standards for all vehicles which design-wise also changes the way all the other vehicles are built so they meet new standards.. Do you see how internally and externally the Government is shaping and changing what should be the goal GM should have which is to make a profit and build cars people want to buy?

People want to buy the Camaro, Challenger, Mustang because they are cool looking cars first and foremost and have performance numbers to back them up.. Do you think the current Government wants those three cars to be the first thing people look for when deciding on a new car?

I just pray and hope things change back to an America I can be proud of once more. Where American's with ingenuity are creating products that people want to buy and are proud to buy.. Sadly I just don't see this as the goal anymore..

Then I guess you are going to take out all of your money from your bank...stuff it in your mattress...pay cash for EVERY single item from this point on...pay off your mortgage/cars/and credit cards too? Seeings how every single bank took money from the Federal Government so they could be bailed out. Right? So your logic for not buying a GM product is that they took Federal bailout money? If I follow this logic it should apply to your banking choices as well. Best of luck to you friend.

[JTinFL]

It's definitely one of the nicest cars out there right now, probably the nicest under 35,000.