GM Motors officially filed for bankruptcy protection early Monday morning. It will shed its Pontiac, Saturn, Hummer and Saab brands. Many dealerships in Winnipeg have already closed and more may (or may not) be on the block from this announcement. On the plus side… a lot of cars just became collectibles.
Even $19.4 billion dollars from the Federal Government wasn’t enough to get them out of the hole. Current GM owners shouldn’t worry about their warranties as they will continue to be honoured.
GM will use its bankruptcy to shed the plants, dealerships, debt and other liabilities it can no longer afford. A new GM is expected to rise from the ashes that will consist of the four brands that GM will keep in the market: Chevrolet, Cadillac, GMC and Buick.