GM Is Cleared to Exit Bankruptcy and CEO Fritz Henderson Explains It All
By John O'Dell July 10, 2009Job Cuts, Bob Lutz, Future Plans, all at 9 AM Eastern Time; Watch It Here
General Motors Corp. has won court approval to begin the process of emerging from bankruptcy reorganization by selling most of its assets to a "new" GM, leaving its problems with a "bad" GM that will liquidate them over time.
To introduce the "new" GM and explain 4,000 white collar departures, including hundreds of top executives - although not 77-year-old Vice Chairman Bob Lutz, whose earlier retirement apparently has been rescinded - and outline the plan to profit by stressing quality and fuel economy, company CEO Fritz Henderson is hosting a press conference at 9 a.m. Eastern Daylight Time this morning, and GM is streaming it live.
We'll be presenting the GM press conference on the video screen above, so come back at 9 a.m. EDT to see and hear how the General plans to move forward, funded with tens of billion in loans and grants from the federal government.
It's your money - your company, so to speak - so don't miss the action.
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If they can't sweep Luts out the door, how do they expect to change the tired and failed corporate mentality that put them into bankruptcy in the first place.
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