Fact
GM Card earnings will continue to be honored in accordance with the program rules.
You can keep using your card at more than 18 million outlets where MasterCard is accepted to accumulate earnings and redeem them toward eligible, new GM vehicles.
Fact
You can expect to see new products and technologies in GM’s future portfolio.
GM will continue to make a significant investment in future products and new technologies. The New GM will have a number of key vehicle launches in 2009 and 2010, including:
• Chevrolet Camaro, a dramatic, moderately priced sport coupe with highway fuel economy of up to 29 mpg
• An all-new Buick LaCrosse premium midsize sedan
• The … [ Read the rest of this entry » ]
Fact
GM will honor customer warranty claims.
New GM will assume the obligations to support the express warranties issued by GM to its customers.
Fact
There will be no interruptions in GM’s ability to take care of our customers and honor customer programs, warranties and provide replacement parts.
In fact, GM has asked the court for specific orders authorizing GM to honor customer warranties and programs as it always has. You should have total confidence that:
• Our products are safe and sound;
• We will honor your existing warranty;
• GM dealers will have the same access to replacement parts as they always have;
• Customers … [ Read the rest of this entry » ]
Update
GM Files Voluntary Chapter 11 to Implement 363 Sale Agreement
June 1, 2009: General Motors today announced that it has reached agreements with the U.S. Treasury and the governments of Canada and Ontario to accelerate its reinvention and create a leaner, stronger "New GM" positioned for a profitable, self-sustaining and competitive future.
Pending approvals, the New GM is expected to launch in about 60 to 90 days as a separate and independent company from the current GM, with two distinct advantages: it will be built from only GM's best brands and operations, and it will be supported by a stronger balance sheet due to a significantly lower debt burden and operating cost structure than before. The New GM will incorporate the terms of GM's recent agreements with the United Auto Workers and Canadian Auto Workers unions and will be led by GM's current management team.
The New GM will execute the key elements of its April 27 viability plan, along with additional initiatives, to achieve winning financial results by putting customers first, concentrating on adding to the company's line of award-winning cars and trucks through four core brands and continuing to invest in green, energy-saving technologies.
Under its plan, GM will sell substantially all of its global assets to the New GM. To implement the sale agreement, GM and three domestic subsidiaries have filed voluntary petitions for relief under chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York, and the sale is subject to the approval of the Court. Because GM's sale of assets to the New GM already has the support of the U.S. Treasury, the UAW and a substantial portion of GM's unsecured bondholders, GM expects the sale to be approved and consummated expeditiously.
More information:
- Full press release
- GM ReInvention Web site
- GM Restructuring Web site
- GM court documents