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Article: Leaner GM exits 41-day bankruptcy proceedings; Company head hopes to repay all U.S. loans.(PAGE ONE)
- Article from:
- The Washington Times (Washington, DC)
- Article date:
- July 11, 2009
CopyrightCOPYRIGHT 2009 The Washington Times LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: John P. Krudy, THE WASHINGTON TIMES
General Motors emerged from a speedy, 41-day bankruptcy Friday with Chief Executive Officer Frederick A. Fritz Henderson promising more restructuring down the road that will enable the auto giant to repay its $11 billion in loans from the federal government.
The now-leaner company wiped $40 billion in debt from its balance sheet through the bankruptcy proceedings. GM plans to close another 10 plants by the end of 2010 and trim an additional 4,000 salaried employees, eventually lowering its total U.S. work force from 35,100 last year to 27,200.
One thing we have learned from the last 100 days is that GM ...