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GM will emerge from bankruptcy quickly: Obama

world Updated: Jun 01, 2009 23:30 IST
GM will emerge from bankruptcy quickly: Obama

US President Barack Obama on Monday asserted that General Motors will “quickly” emerge into a stronger and more competent company and the automaker has gone into bankruptcy protection with full support of the government and all stakeholders of the auto giant.

“The filing for bankruptcy protection paves way for transformation from an old GM to the beginning of a new GM,” AMA said in a briefing at the White House soon after the largest American carmaker filed for Chapter 11 bankruptcy in a New York Court.

“I want to assure those who are planning to buy a GM car that their warranties will be saved and guaranteed by the government,” Obama said.

“The deal is tough, but fair” the President said on the plan to steer GM into a “surgical bankruptcy” aimed at the company’s revival. “The plan puts GM on its path to recovery,” he said.

GM owes $9.6 mn to ArcelorMittal

General Motors which filed for bankruptcy on Monday owes $9.55 million (about Rs 45 crore) to the world’s largest steel maker ArcelorMittal.

According to a filing with the Bankruptcy Court in the Southern District of New York, the auto maker has to pay ArcelorMittal $9.55 million.