Thursday, June 21, 2012
The Company Formerly Known as “Old GM” is Dead at Age 103
It was long overdue, but it was bound to happen: the company lawyers named Motors Liquidation Co. but which we came to know as "old GM" during the 2009 government bailout period, died on Thursday, December 15.
Though it had a very long lifespan of 103 years, no one really noticed its demise. After all, this was just U.S. Bankruptcy Judge Robert Gerbert signing the death certificate. Giving birth to the “new GM” two years ago was a very painful process – and one that most of those involved would like to forget.
It meant the sacrifice of three of its brands (Pontiac, Hummer and Saturn) and getting rid of another (Saab, which ironically is now in a similar position), closing 13 plants along with 900 dealerships. GM also had to reduce its U.S. workforce from 91,000 to 68,500 employees, which either way, is a far cry from the 525,000 workers it had in the States and another 100,000 outside the country in 1955.