Vauxhall’s US parent company General Motors (GM) filed for bankruptcy in a move which will allow it to restructure as a ‘stronger and more competitive’ company, President Barack Obama has said.
In the largest such move in US industrial history, GM entered Chapter 11 bankruptcy, allowing it to restructure without going into liquidation.
The US government will pump billions of dollars into the firm as it takes a 60% stake in a streamlined ‘New GM’, but President Obama said the company would not be run from Washington.
‘Our goal is to get GM back on its feet, take a hands-off approach, and get out quickly,’ he said.
GM Europe said the US filing has no direct legal impact on its operations and that customers will be able to ‘rely on their service and warranty as they always have’.
A statement added: ‘GM’s subsidiaries outside of the United States are not part of the Chapter 11 filing. There is no impact at all on GM’s ability to sell vehicles in Europe.’
The firm said it expects its ownership interests in Vauxhall and Chevrolet to become part of New GM, which is set to launch as independent company in the next two to three months. Saab, which is still searching for a new owner, is unaffected by the latest news.
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