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We're okay - GMsa

By Phuti Mpyane | Jun 03, 2009 | COMMENTS [ 0 ]

AMERICAN 24-hour news channel CNN first aired on Monday June 1 1980, at the height of a powerful US economy back-dropped by Detroit's well-oiled vehicle industry boasting the big three of vehicle makers: Ford, Chrysler and General Motors.

Fast forward 29 years later and on the same day, Monday June 1 2009, dubbed D-Day for GM, CNN and other news channels are head-lining stories of a different complexion.

Woeful stories about the US motor industry abound and US President Barack Obama's administration wants GM to come up with a sound restructuring plan or file for bankruptcy protection, very much the same as Chrysler did back in April or face state intervention.

Mind you this comes at the height of long-standing difficulties: for Obama it's the economic crunch and the motto industry bail-outs, while GM had to get rid of its Opel and SAAB interests.

Reports say a Canadian conglomerate, Magna, has run off with these European interests right under the noses of Fiat with the help of Russian oligarchs.

This bankruptcy protection is a lovely system, though.

It allows companies to operate under the watchful eye of the courts and government.

Capitalist mind-sets might snigger at this process because of the theory that business and political nannies shouldn't mix, but allowing the White House to overlook operations has the attractive aspect of deep pockets that can be accessed to save the day.

If it wasn't put in place - the bankruptcy filing that is - companies as large as GM, with an employee head count of more than 230000 worldwide, whcih are bleeding money daily and face huge bad debt, would simply collapse.

D-Day has come and gone and GM has officially filed for liquidation protection.

But On D-Day, GMSA (General Motors South Africa) under the watchful eye of main man, Steve Koch, made a clear statement: "We are open for business and running. GMSA is not part of the insolvency shield filing in the US and will not be affected."

Koch also said a R250million Pan-African parts distribution centre was being set up and that GMSA would continue to provide sales and after sales services - and honour warranties, maintenance plans, and parts supply for Chevrolet, Hummer, Cadillac, Isuzu, SAAB and Opel brands.


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