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Douchebag.

Holden to be part of New GM

Holden not included in US filing under chapter 11;

No direct impact on local design, engineering and manufacturing operations;

Technology improvements to best-selling Commodore, introduction of second carline remain on track;

No changes to Holden employees and supplier payment arrangements; and

No changes to Holden dealer and warranty arrangements.

Holden will continue normal operations in Australia and New Zealand and does not expect changes to its business after General Motors announced it has taken court action in the US to launch a competitive New GM.

“Operations at Holden are unchanged in Australia and New Zealand and we expect it to remain that way,” Holden Chairman and Managing Director, Mark Reuss, said today.

“GM has clearly stated that all of its businesses in the Asia Pacific region – and that includes Holden – continue normal operations and are not directly impacted by this process in the US.

“No operations outside the US are included in the court filing or court supervised process.

“Holden is a subsidiary of GM but we are a corporate entity in our own right – an independent company under Australian law.

“Beyond that, GM has indicated that Holden will be an important part of the New GM.

“We intend to maintain our focus on Holden product programs and activities.

“That means technology improvements to our best selling Commodore range, launching the all-new Holden Cruze this month, and the introduction of our locally-built fuel efficient, four cylinder small car next year.

“We continue to run full operations at Elizabeth and Port Melbourne, producing cars for our 300-strong independent dealer network.

“We don’t anticipate this decision will have any direct impact on Holden’s workforce, dealers, or suppliers.

“Holden customer warranties are not affected and we continue to deliver the sales and service experience that our customers expect.

“We wouldn’t normally issue statements to highlight nothing has changed, but we appreciate that customers will naturally ask questions about this sort of announcement from the US.”

Mr Reuss said Holden would remain informed of developments in the US, a process which had been determined to reinvent General Motors.

“The process being used in the US is unlike Australian and New Zealand law. It is a fast, court supervised process that permits the sale of selected assets to a new entity,” Mr Reuss said.

“Unlike court-controlled processes in many other countries, US chapter 11 allows GM to deal with the financial issues that have built up over many years and for New GM to emerge as a healthier business, better able to deal with the challenges of today and tomorrow.

“It does not mean ceasing to trade.”

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.

GM has previously indicated it is negotiating with prospective buyers for the Saab and Hummer brands. GM is working closely with dealers, including those in Australia and New Zealand, to continue delivering vehicles and maintaining aftersales and servicing requirements.

GM Group Vice President and President of GM Asia Pacific, Nick Reilly, said: “We believe this step – which was taken with the support of the US Government – is the most efficient and effective means for New GM to emerge with substantially less debt and lower operating costs, and with our operations positioned for long-term success.”

Holden customers with queries about this announcement can contact the Holden Customer Assistance Centre on 1800 033 349.

KEY FACTS – Holden
Holden employees more than 6000 people in Australia and New Zealand.
Holden spends $500 million annually on employee wages.
Last financial year Holden spent $420 million on research and development – more than any other private company in Australia.
The Holden Commodore has been Australia’s best-selling car since 1996.
Holden has produced more than 7 million vehicles since 1948.

KEY FACTS – GM
What GM Corporation’s US filing is:
An accelerated, court-supervised sale of GM’s strongest operations and brands to New GM, which is intended to be completed within about 60-90 days.
The most efficient and effective means to achieve the substantially lower debt and operating costs necessary to align the operation for future success.
Unlike court-controlled processes in many other countries, the US process being used by GM will allow it to continue trading and enable New GM to emerge as a leaner company with a stronger balance sheet.

What this US filing of GM Corporation is not:
This is not liquidation or a discontinuation of operations by General Motors.
This is not a proceeding similar to insolvency proceedings in Australia.
This does not mean New GM is going out of business or intends to pull out of Asia Pacific or any other region.

GM Holden Chairman and Managing Director Mark Reuss will address media tomorrow, Tuesday 2 June at 9.00am

Source: GM Holden Media Release

http://www.nytimes.com/2009/06......html?_r=1

You should read the documents filed in the New York Court; they can be found online. Anyone with insolvency experience can see how this will unfold for GMH.

Your confidence is very misplaced.

The facts, you are assuming that the dribbling 15 years olds that post blogs here can read! Most of the comments (above) are from people with NO idea about the topic at hand. The morons that say “please take Holden with you’ and so on are just total 100% morons! Yeah right. 6′000 people at Holden loose their jobs. Another couple of thousand at dealerships go. Then the 40′000 odd in the supply industry loose. Mass bankruptcy’s in supplier and dealerland. All of our taxes go up to pay the unenployment benefits. On top of this will be a huge negative effect on Ford and Toyota localy manufacturing cars. Both have stated clearly that they rely on Holden’s volume to sustain a viable local supplier network. But then if you are in school you won’t care or you are too stupid to understand this anyway

Perhaps some of you should read the new thread on FAQ before you go off on your negative tangents……..

Holden are a GM subsidiary. A large chunk of their cash comes from the mothership, GM. Holdens R&D budget is about to shrink drastically, and there’s every possibility that they’ll end up in chinese hands, should GM be forced to Sell.

Holden effectively becomes an orphan