General Motors

general motors employment verification

General Motors

Thursday, July 15, 2010

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The New General Motors Restructuring Plans

While General Motors Corporation in the U.S. will complete its restructuring plan through the court system, GM Canada won’t because of government intervention and investments. GM Canada is now an entity on its own, and will not be affected by the U.S. filing. GM Canada was bailed out by the taxpayers of Canada and Ontario, late last month. Consistent with the principal of proportional support for proportional production, the governments of Canada and Ontario have invested $10.6 billion in General Motors. This investment ensures certain benefits for Canadians and Canadian auto workers. These benefits being:
Five new vehicles including hybrids from the Oshawa and Ingersol production plants.
Ongoing production of V6 and V8 engines to be maintained at the St. Catherines powertrain.
The introduction of flexible transmissions, for example fuel efficient 6 speed front wheel drive engines.
The GMCL making substantial investments in Canadian facilities over the next 7 years. There will be no further plant closures, only restructuring.
GMC’s labor costs to be competitive with Toyota Canada.
Over the next seven years, GMC plans to invest in ‘green’ research for their development and innovation departments.
GM Canada intends to better serve the customer’s needs through a consolidation dealer network with the widest coverage across Canada of any automaker.
Most importantly to past auto workers, GMC will have secured employee pensions for retirees. Including improving funding levels and establishing a Health Care Trust for hourly retiree health care benefits.
This new Health Care Trust is to help preserve and manage retiree health benefits not covered by the country s public health care system.
For GM Canada, the primary advantage of setting up an independent Health Care Trust is to eliminate liability estimated to be in the billions of dollars linked to retiree health benefits. GM Canada union members will receive at least some portion of benefits from HCT even if the company goes into bankruptcy. Keep in mind that there are questions of whether funds in the HCT will be sufficient to pay the full level of benefits to retirees. This will depend on several factors, including investment returns, life expectancy and healthcare inflation.

Also, GMC’s restructuring plan was unveiled last month. This plan has been developed in order to ensure the General Motors Corporation is economically sound and the government’s investments are secured.

Canadians can expect from their tax dollars:

The company’s warranties and other service commitments, as well as financing options will remain in full.
Employees will continue to receive wages and benefits without interruption.
GM manufacturing will continue producing as previously announced.

Should I Buy the New General Motors Stock at Its Current Price?

While General Motors has undergone some drastic and dramatic changes in the last few months to its operating structure following its bankruptcy, many investors are asking whether now is the right time to buy the new GM stock. While the prospects for a profitable GM are much better than they were at the beginning of the year, there are still many hurdles to investing in GM stock.

First off, General Motors Chapter 11 filing is not going to wipe it clean of all its debts. In fact, any bankruptcy finding that leaves GM as a mainly intact company will undoubtedly include stipulations for the repayment of GM's large amount of creditors. These repayments are going to ensure that the equity owners of the new GM stock will not see dividend payments for quite some time.

On top of this, the New GM as a company is going to be up against some stiff competition, not just from Ford and overseas automakers but from itself. That's right, in this slowing economy GM built up some impressive inventories of cars which it did its best to get rid of before bankruptcy, however the demand from consumers is still not there. Because of this glut of cars still sitting in storage lots and on dealer's floors, its going to be very hard for the new GM to produce cars and sell them with decent profit margins.

Overall, the future for GM's stock price and its current outlook is still subpar at best. The failed efforts of Rick Wagoner and the Washington boys to save GM this past fall and into the spring should make anyone stand up and take notice. If General Motors business plan couldn't be saved with all of that weight thrown behind it, then what will it take to create a truly profitable American automaker?

If you want a more detailed analysis of the new gm stock, read more at Should I Buy the New GM Stock?

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general motors employment verification

General Motors

Thursday, July 15, 2010

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