General Motors said today that its dealership restructuring process is finally complete and that 30 dealerships have refused to sign agreements to shut down or continue with the entity that emerges from bankruptcy. According to the Mar LaNeve, GM’s vice president of vehicle sales, those 30 dealerships will be put in with the ‘old’ GM in bankruptcy court and will face termination.
Separately, GM’s CEO Fritz Henderson said today that the company’s restructuring process is moving quickly and that the automaker may emerge from bankruptcy in less than the 60 to 90 day timeline originally estimated on its June 1 bankruptcy filing.
“It could be sooner,” said Henderson. “We”re moving aggressively according to plan.”
He said that the auto task force is involved with the restructuring process since the U.S. government will hold a 60 percent stake in the ‘New GM.’
Henderson said that in addition to be more productive going forward, GM will plan future vehicle designs around higher oil prices. He said that oil prices could eventually hit $100 to $130 once again.
– By: Omar Rana