ShowBusinessMan [Search results for bankruptcy

  • Motors Liquidation Company

    Motors Liquidation Company
    GMC

    New General Motors Company

    On Friday, on July, 10th, procedure of bankruptcy of concern General Motors has come to the end. The Company management and administration of the US president of Barack Obama managed to "turn" this process rapidly — legal investigation GM lasted only 40 days while Chrysler — one more autocompany, not managed to go through present crisis, 42 days for this purpose were required.

    Thus, during the largest for all history of the USA of bankruptcy the old and slow giant who with 1931 till 2007 was the largest motor-car manufacturer in the world, has given way new, "mobile and flexible" General Motors Company. At least, so represents results of proceeding the official press release published on a site old General Motors. The companies which already actually does not exist.

    But at a management "new GM", and also at representatives of administration of the US president of Barack Obama who supervised over autoconcern re-structuring, yet it is a lot of occasions to pleasure. To survive, the company had to leave afloat only four marks from eight — Chevrolet, Cadillac, Buick and GMC. The others will be sold or liquidated, in due course. And such measures, in turn, demand to reduce number of North American factories GM with 47 to 34 pieces and to close 40 percent of the dealer centres in territory of the USA.

    Naturally, at such serious curtailment of production has not managed and without "human losses". So, till the end of 2009 of work third of personnel serving enterprises GM in the USA will lose almost — from 91 thousand workers will be dismissed 27 thousand persons. And it only those who worked directly on General Motors. And if to consider personnel reductions at the enterprises of accessory manufacturers the figure of the future dismissals in automobile branch of the USA can grow several times.

    Chevrolet Camaro

    Besides, General Motors Company it is necessary to go and on scale reduction of a management. From 1300 managers and top-managers in the near future will write the letter of resignation or leaving on pension more than 400 persons. Till this moment to such radical measures in relation to the supervising personnel in GM did not resort yet.

    The chief executive of company Fritz Henderson appointed to this post shortly before bankruptcy, will keep the place and in the new company. However now Fritz Henderson will supervise not private, and is faster the state corporation — the share of Exchequer of the USA in the new company makes 60 percent. The administration of the president has actually nationalised GM when it became clear, that the company independently solve the problems cannot.

    In exchange the state "has forgiven" 10,6 billion dollars of debts from given out in the beginning of year as grants of 19,4 billion dollars, and has gratuitously given 30,1 billion dollars more for financing of procedure of bankruptcy and renewal of work after end of all formalities.

    Besides, GM it was necessary to pay off with "nature", that is the actives, and with other large creditors. Almost 18 percent General Motors Company were received by the trade-union fund guaranteeing social security to workers and pensioners GM before which at the company to bankruptcy the debts in 20 billion dollars have accumulated.

    Buick LaCrosse

    About 12 percent of actives has got to Canadians who for the last half a year have rendered to autoconcern the financial help at a rate of 9,5 billion dollars.

    The remained 10 percent of actives remain on hand "old GM" which, by the way, so any more is not called. New name General Motors now — Motors Liquidation Company, and the new company, during re-structuring, managed by right of succession the most part of debts, including 16 factories stopped to bankruptcy.

    Motors Liquidation Company: Optimization of the Sales

    Naturally, Motors Liquidation Company long will not exist. For liquidation it is allocated 1,75 billion dollars and in some years the structure will disappear — after will pay off on debts. And here General Motors Company it is necessary to come back to a world car market and to work in conditions which have put on a survival side all North American car industry — because of the growing prices for oil and financial crisis for today of sale of the American manufacturers in the house market have fallen to indicators of the beginning of 80th years of the last century.

    Despite forthcoming difficulties, in General Motors Corporation in the future look with optimism. At least, in words. So, the 77-year-old ex-head of department of design GM, come back to the company right after end of procedure of bankruptcy to the place of the vice-president "new GM", considers, that the new proprietor, in the near future, has every chance to become the leader of the automobile market not only in America, but also all over the world:

    "Now the main reason for purchase of cars GM consists not that they are made in America, at factories GM, or that we have finished bankruptcy procedure. The main thing - for last five years we have completely updated our lineup, and I can tell, that now we make probably best cars and pickups for all history General Motors".

    GMC Terrain

    However many North American experts do not believe, that existing lineup GM is competitive and can bring in the income. "Bankruptcy has not changed cars which are sold by dealers General Motors, and after all at the expense of them the company earns money", — the president of consulting firm Maryann Keller and Associates Merian Keller has declared in interview to agency Bloomberg.

    However, Keller was mistaken in the formulation — does not earn, and loses. After all only for last five years - those about which the ex-head of department of design GM spoke, the North American motorcar giant has lost about 88 billion dollars.

    Related Posts: Crisis

  • The Simple Bankruptcy

    The Simple Bankruptcy
    I am bankrupt!

    Bankruptcy Trends

    For those who has failed in business and consequently cannot settle payments on the debts, the law provides insolvency proceeding. Sense of this procedure in giving the chance to the debtor to recover ability to meet payments, well and if it it's impossible — to allocate fairly available assets between creditors. Skillful use of insolvency proceeding allows one to receive a respite and with honor to solve financial problems.Falling Index
    If not to go into detail — an insolvency proceeding essence it's possible to reduce to disposal of excessive debts. Thus the state acts only as the arbitrator. The main parties in the course of bankruptcy are the bankrupt and its creditors. In our country arbitration courts are engaged in bankruptcies.

    Insolvency Proceeding

    Crying moneyBy our legislation the initiator of bankruptcy can be both the creditor, and the future bankrupt which has realized impossibility to pay own credits. Thus, bankruptcy can be caused not only inability to pay off any debt (for example, a bank loan), but also impossibility to perform current payments — tax, rent, etc (Chapter 7).
    GM - bankruptIf judges basically agree with necessity of bankruptcy the arbitration managing director interferes with process. At different stages of insolvency proceeding the post of this person can be called differently: the temporary manager, administrative or competitive managing director, but an essence from it does not change.
    The arbitration managing director should secure the most complete satisfaction of requirements of creditors: or to recover ability to meet payments of debtor enterprise, having performed the rehabilitation plan, or to settle payments with creditors.
    After calculations are finished, the bankrupt ceases the existence. And together with it cease existence and all its debts which it was not possible to pay. As a rule, this action will make a professional bankruptcy attorneys work out, thus will show obvious tears in the legislation, or will underline legal talent of the lawyer.

  • Creative Director at Lowe Campbell Ewald on Building Their "Loft" In Detroit | 2014 SXSWi

    Creative Director at Lowe Campbell Ewald on Building Their "Loft" In Detroit | 2014 SXSWi

    In the SXSW 2013 opening keynote, Bre Pettis said, "When you combine friendship plus tools, you can make anything." He did that in his NYC loft. Next year, Lowe Campbell Ewald will move 600+ employees to a city that just filed for bankruptcy. Why? To make its loft. Despite what you might read in the media, Detroit is quickly becoming rich in creativity, innovation and inspiration. With tech investors like Detroit Venture Partners, it's becoming easy for startups to create an opportunity. And in Detroit, everything needs help, so there are endless opportunities. With a "we're all in this together" mentality, everyone is becoming friends and utilizing their skills to not only help one another, but define Detroit's future. Whether you're a designer, an innovator, an entrepreneur or an investor. The talent is moving to Detroit. And so should you.
    This video has been created by Lowe Campbell Ewald for the 2014 SXSW Interactive PanelPicker.

    Credits:
    Writer & Speaker: Iain Lanivich
    Director: Brett Warkentien
    Camera & Audio: Mark Preston
    Producer: Victoria Marzec
    Production Assistant: Steve Carr
    Editor: Kirk Carson
    Audio Engineer: John D'Agostini
    PR & Communications: Mary Evans
    Special Guests: Kevin Krease, Garret Koehler, & Henry Balanon

  • Hostess "Reach For The Gold" Epic Athleticism

    Hostess "Reach For The Gold" Epic Athleticism

    Hostess Snacks despite claiming bankruptcy twice in the last 10 years Hostess Snacks still seems to know how to have some fun, case in point two funny commercials just released on their YouTube channel. Reach For The Gold are Olympic themed ads, "Pole Vault" and "The Gymnast" see's two athletes going for a different kind of Gold...The Twinkie Gold. Pole Vault above and Gymnast below...enjoy.

    By the way, Hostess is not an official sponsor at the 2012 London Olympics.

  • The White House will not influence decision GM on sale Opel

    The White House will not influence decision GM on sale Opel

    Barack Obama

    The white house is not intended to interfere with process of decision-making by a management of American autoconcern General Motors about sale of European branch Adam Opel GmbH, reports Reuters.

    Board of directors General Motors once again could not choose on August, 22nd the buyer from the Canadian manufacturer of autoaccessories Magna, the consortium with which includes the Russian Savings Bank, and Belgian investment company RHJ International. According to the assistant to the press-secretary of the White house Bill Burton, the government of the USA not begins to influence choice process in spite of the fact that 60% of actives GM own somehow.

    "According to the president, decisions on current operations should be accepted by workers General Motors. He (the US president Barack Obama) never wished to be engaged in this business, and the president is happy, that they make the decision and again rise on feet", — Burton at a briefing in the State of Massachusetts where spends holiday the US president has told.

    In turn press-secretary German chancellor Angela Merkel on Monday has confirmed, that the German government still wants, that concern Magna became buyer Opel, and undertakes necessary measures to promote. According to the press-secretary of the chancellor, the next session of management General Motors of a choice of the buyer will take place on September, 8th or 9.

    Board of directors GM gives only "recommendation" about the buyer. The definitive decision accepts appointed after the beginning of procedure of bankruptcy Opel "tutorial structure" in which enter on two representatives from GM and the federal government, and also a "neutral" member — the president of the Chamber of commerce of the USA into Germany Fred Irwin.

  • The court has approved sale of actives GM of the new company

  • The domain sex.com for the present is not sold

    The domain sex.com for the present is not sold

    Sex.com book

    Auction sale of the domain sex.com is postponed in connection with the requirement of the present owner, company Escom. The auctions should will take place in New York on March, 18th, informs The Register.

    Meister Seelig & Fein vs Escom

    On March, 17th legal firm Meister Seelig and Fein has submitted to Judicial committee of the Central district of California the petition about compulsory bankruptcy Escom. The petition has been registered on behalf of three creditors who have put forward the companies of the claim for the sum over 10 million dollars, informs Domain Name Wire. Thereupon the company simply has no finance for a webhosting. The decision on domain sale sex.com — definitive and irrevocable.

    Sex.comThe Head of all three companies-creditors is Michael Mann, known as the founder of site BuyDomains.com. In the message he has informed, that auction has been organised with numerous infringements. According to Michael, the court can provide observance of laws at domain sale.

    About the fact of sale of the domain sex.com have notified the public in the beginning of March. The initiator of sale of the domain is loan company DOM Partners LLC which financed purchase of the given domain in 2006. Auction finance is intended for repayment of credit debts, payment of a web hosting and tax deduction.

    Sex.com is considered the most expensive domain name on the Internet. According to not confirmed sources, Escom has bought the domain for 14 million dollars (!).

    Talk about sex.com

    Related Posts: Crisis

  • Chevrolet Volt (hybrid)