GM Board of Directors Statement attributable to Kent Kresa, Chairman:
"The General Motors Board of Directors authorized the filing of a chapter
11 case with regret that this path proved necessary despite the best efforts
of so many. Today marks a new beginning for General Motors. A
court-supervised process and transfer of assets will enable a New GM to emerge
as a stronger, healthier, more focused and nimbler company with a
determination not to just survive but to excel. The Board concluded that the
proposed transformation will maximize the value of the enterprise, and the
return to the many stakeholders who have been involved with GM over the years.
We are appreciative of the support from the U.S. Treasury, the
President's Task Force on Autos, the UAW and its members, salaried employees
and retirees, concurring bondholders, and very importantly, the American
taxpayers. The Board is confident that this New GM can operate successfully
in the intensely competitive U.S. market and around the world. The Board
stands behind the people of GM in embracing this unique opportunity to create
value and a new company that will design, engineer, build and market the best
cars and trucks in world."
GM News Relations
GM Financial Communications
For additional media information visit http://media.gm.com .
/PRNewswire -- June 1/
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For further information: Web Site: http://www.gm.com