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Gm Restructuring Plan 120208

Gm Restructuring Plan 120208

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Published by mzunda
Gm Restructuring Plan 120208
Gm Restructuring Plan 120208

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Published by: mzunda on Dec 05, 2008
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09/16/2010

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General Motors CorporationRestructuring Plan for Long-Term ViabilitySubmitted to Senate Banking Committee &House of Representatives Financial ServicesCommitteeDecember 2, 2008
 
 2
TABLE OF CONTENTS
Page1. INTRODUCTION.......................................................................................................42. BACKGROUND.........................................................................................................63. THE PROBLEM.........................................................................................................74. CONSEQUENCES OF FAILURE..............................................................................85. TEMPORARY FEDERAL LOAN..............................................................................95.1 Capital Structure Considerations........................................................................115.2 Stakeholder Considerations................................................................................135.3 Loan and Funding Protocol................................................................................145.4 Taxpayer Protections.........................................................................................145.5 Shareholder and Management Sacrifices............................................................155.6 Corporate Aircraft..............................................................................................155.7 GMAC Considerations.......................................................................................155.8 Pension and Healthcare Considerations..............................................................166. PRINCIPAL RESTRUCTURING PLAN ELEMENTS.............................................176.1 Marketing and Retail Operations........................................................................186.2 Manufacturing Cost Reduction...........................................................................196.3 Structural Cost Reduction..................................................................................216.4 Fuel Efficiency Improvements...........................................................................216.5 Product Portfolio Changes.................................................................................246.6 Significant Capital and Cost Reductions............................................................257. DEMAND STIMULATION......................................................................................268. INDUSTRY COLLABORATION.............................................................................279. SUMMARY..............................................................................................................28APPENDICESA. SUMMARY OF GM RESTRUCTURING ACTIONS AND RESULTS..........29A.1 Product Portfolio........................................................................................29A.2 Fuel Efficiency..........................................................................................29A.3 Marketing/Retail Operations......................................................................30A.4 Manufacturing/Productivity.......................................................................30A.5 Structural Costs.........................................................................................30A.6 Capital and Cost Reductions .....................................................................31A.7 GM Executive Compensation....................................................................31B. ECONOMIC COLLAPSE................................................................................32C. SUPPORTING FINANCIAL INFORMATION...............................................33C.1 GDP and Industry Sales...............................................................................33C.2 Pro-Forma North America Structural Cost...................................................34C.3 Pro-Forma Global Liquidity Balance...........................................................35C.4 Balance Sheet Summary - Baseline Scenario...............................................36C.5 Balance Sheet Summary - Downside Scenario.............................................36C.6 U.S. Pension Funds Status...........................................................................37
 
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LIST OF TABLES
Table Page1. Temporary Federal Loan – Baseline Scenario.....................................................92. Temporary Federal Loan – Downside Scenario.................................................103. U.S. Industry and GM Liquidity Outlook..........................................................104. GM’s Capital Obligations Pre- and Post- Conversion........................................115. Restructuring of U.S. Marketing and Dealer Operations....................................196. Manufacturing Improvements...........................................................................197. Fuel Efficiency Improvements..........................................................................228. GM Advanced Propulsion Development...........................................................239. Vehicle Quality Improvements.........................................................................2510. 2
nd
Half 2008 Liquidity Actions........................................................................26
LIST OF FIGURES
 Figure Page1. Global Liquidity 2008-2012 - Baseline Scenario...............................................122. Global Liquidity 2008-2012 - Downside Scenario............................................133. U.S. Hourly Manufacturing Cost 2003-2012.....................................................204. GM North America Structural Cost 2004-2012.................................................21

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