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On June 1, GM announced their intention to alter their pension plan. These alterations will reduce their pension plan liabilities by an expected 26 billion dollars. The complex plan has both an option for selected U.S. GM retirees to take a lump-sum payment offer, while other retirees have the option to continue receiving monthly pension payments. More information on pension plan details is outlined at: http://gmpensionbuyout.info/?page_id=28. Any GM retiree that is affected by these changes is strongly urged to seek advice from a qualified financial planner, as the decision deadline of July 20, 2012 is quickly approaching.
Wiki User
∙ 11y ago
Wiki User
∙ 13y agoYes. General Motors Company filed for Chapter 11 bankruptcy on June 1, 2009. It was the fourth-largest bankruptcy in US history and the largest of a US industrial corporation. The value of all common stock was wiped out.
The new General Motors Company LLC, which went public on November 18, 2010, is a separate and independent corporation, which has acquired many of the assets of the old company.
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