General Motors Bankruptcy

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General Motors has agreed to sell its Saturn brand to Roger Penske, a major auto dealer, Mr. Penske and G.M. announced June 05, 2009. Mr. Penske’s company, which owns 310 franchises around the world, already serves as the sole distributor of Daimler’s Smart line of small cars.

Under the agreement with G.M, The Sichuan Tengzhong Heavy Industrial Machinery Company Ltd., based in Chengdu GM will initially continue to manufacture Hummers under contract for Sichuan Tengzhong, which will then market them around the world. G.M. will continue making the H3 and H3T models in Shreveport, La., through the end of next year, for example. The buyer plans to shift additional production of the H3 from a plant in South Africa to Shreveport General Motors China president Kevin Wale told reporters on Tuesday the company's mainland operation is not covered by its petition for bankruptcy and GM China is sticking with a five-year plan to double its annual sales to 2 million vehicles and rolling out 30 new models.

All Other Names Used By the Debtor in the Last 8 Years

1. GMC Truck Division

2. NAO Fleet Operations

3. GM Corporation

4. GM Corporation-GM Auction Department

5. National Car Rental

6. National Car Sales

7. Automotive Market Research

Principal Debtors

$22,759,871,912 bond debt wilmington trust

$20,560,000,000 UAW union trusts

$4,444,050,000 Deutsche Bank AG, as fiscal agent (eurodollar)

DIP MOTION MOTION OF DEBTORS FOR ENTRY OF AN ORDER PURSUANT TO 11 U.S.C. §§ 361, 362, 363, AND 364 (i) AUTHORIZING THE DEBTORS TO OBTAIN POSTPETITION FINANCING, INCLUDING ON AN IMMEDIATE, INTERIM BASIS; (ii) GRANTING SUPERPRIORITY CLAIMS AND LIENS; (iii) AUTHORIZING THE DEBTORS TO USE CASH COLLATERAL; (iv) GRANTING ADEQUATE PROTECTION TO CERTAIN PREPETITION SECURED PARTIES; (v) AUTHORIZING THE DEBTORS TO PREPAY CERTAIN SECURED OBLIGATIONS IN FULL WITHIN 45 DAYS; AND (vi) SCHEDULING A FINAL HEARING PURSUANT TO BANKRUPTCY RULE 4001 here

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