GM: Thailand, Asean Operations Not Affected By US Bankruptcy Filing
02 Juni 2009 - 5:40AM
Dow Jones News
General Motors Corp. (GM) reiterated Tuesday its operations in
Thailand and Southeast Asia are unaffected by the bankruptcy filing
in the U.S.
"GM Asia-Pacific, including GM Thailand and Asean, will be an
important part of the New GM and will maintain normal business
operations," Steve Carlisle, president of General Motors' Southeast
Asia operations, told reporters.
GM filed for Chapter 11 bankruptcy protection in New York Monday
after a decades-long series of management miscues and production
problems exacerbated by stiff foreign competition and rising oil
prices.
The Obama administration Sunday said the government would
provide an additional $30 billion in financing to GM in return for
60% equity in the new company and $8.8 billion in debt and
preferred stock.
-By Supunnabul Suwannakij, Dow Jones Newswires; 662-266-0744;
tu.suwannakij@dowjones.com