$172.8 billion trillion in debt, general's unbearable weight

There is hardly any suspense in CFP's drawings, when the government set a deadline for bankruptcy on the first day of work (US-East time June 1 8 o'clock in the morning, Beijing time 8 o'clock in the evening), the 77-year-old car giant General Motors, which ranks first in the world, formally filed a bankruptcy filing with the bankruptcy court in the Southern District of New York. "According to chapter 11th of the U.S. Bankruptcy Code, an application will be filed in the United States to launch the reconstruction process under the supervision of the Court," the General Motors statement said.　　"The message from the US media is that GM's filing for bankruptcy protection is the third largest U.S. company ever to file for bankruptcy protection, the second most-involved bankruptcy protection for U.S. companies, and the largest industrial enterprise ever to file for bankruptcy protection in America." 17 billion dollars in debt. The General Motors bankruptcy protection statement said it had reached an agreement with the US Treasury, Canada and the Ontario Prov. government to accelerate the rebuilding of GM's business, quickly forming a new company with the world's finest business and brand, and was soon officially operational, The debt burden and the operating cost structure will be greatly reduced. "It is expected that the new GM will be separated from the former General Motors in about 60-90 days to achieve independent operation." "Under the bankruptcy reorganization plan, the new GM 60% stake will be held by the United States federal government, 12.5% by the Canadian government, the United Auto Workers Union (U A W) holding 17.5%, unsecured creditors holding 10%." The Treasury will, on the basis of existing $19.4 billion U.S. loan aid to GM,　　The government will also provide $9.5 billion trillion in funding to new GM, with $30.1 billion trillion in aid. Before filing for bankruptcy protection, GM's total assets amounted to $82.29 billion trillion, with a total debt of $172.81 billion trillion.　　The new GM will bear only 17 billion of billions of dollars in debt, the US government's $50 billion trillion in aid not converted to 60% shares of $8 billion and the 6.5 billion-dollar preferred shares payable to the Union Trust Fund and 2.5 billion dollar bonds, while the rest of the debt is "removed". The restructuring also announced that the new GM would focus on the operations of the four core brands of Cadillac, Chevrolet, Buick and G M c.　　At the same time, other unprofitable brands, such as Saturn and Hummer, and at least 11 factories, will be sold or liquidated as bad assets of old GM, and will close 14 plants and 3 parts centers in North America by the end of 2011. Small cars and clean energy vehicles or in the direction of the General bankruptcy protection scheme, the new GM management remains the responsibility of former CEO Fritz Henderson. However, within a period of 60 days to 90 days of court-supervised reconstruction, and for a considerable period of time, a corporate Renaissance specialist, Al Koch, will be appointed as the Chief reorganization officer, who will be responsible for splitting GM into a new government-funded GM and an old GM to liquidate bankruptcy.　　Once GM emerges from bankruptcy protection, Koch will then be the head of another new management team to deal with Old GM, which is still in bankruptcy. In a public speech after the filing, Mr Henderson said GM wouldThe United States produces small cars, and the project is profitable.　　U.S. President Barack Obama also said he believes GM has a good performance in the area of energy-clean cars, and that the measures will be able to regain U.S. market share. Newspaper reporter Zhu Zhengzi