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it has long been the plan of Obama’s auto task force, headed by investment banker Steven Rattner, to use the bankruptcy courts to break up the century-old industrial icon and liquidate its unprofitable factories, brands and other assets. Under a so-called “363 sale,” a new, restructured GM would emerge. A fraction of the size of the current company and freed from the “legacy costs” of decent wages, hard won working conditions and retiree benefits, it would be a source of lucrative returns for Wall Street.
As part of its global plan to cut 47,000 jobs, GM has already announced plans to close 16 of its remaining 47 US manufacturing facilities and eliminate 23,000 jobs. Last week, the company announced plans to close 18 percent—or 1,100—of its dealerships, including many that have been in operation for half a century or more. Combined with the nearly 800 dealers Chrysler is closing, this move will result in more than 100,000 jobs being destroyed in cities and small towns across the country.
Under its restructuring plan a significant portion of GM’s less profitable small cars will be produced in lower wage countries such as China, South Korea and Mexico. This has already won the approval of the Obama administration.
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