GM Mideast ‘not part of US chapter 11 filing’
Dubai, June 2, 2009
General Motors Middle East has announced that it is not part of General Motors’ voluntary chapter 11 filing in the US to implement a ‘363’ sale agreement.
General Motors in the Middle East, which operates under General Motors Overseas Distribution Corporation (GMODC), is a self-funded, vibrant and profitable enterprise and will continue to conduct business normally through its dealer network, as it has done for over 80 years, said a report.
General Motors Middle East will continue to provide customers and dealers with award-winning cars and SUVs along with the region’s best customer care and parts availability.
All current and future vehicle warranties will be honoured as normal, the report added.
In the US, ‘363’ is a proven court-appointed process that will allow the launching of the “new GM” as a leaner company with a significantly stronger balance sheet, a world class product line up, a global footprint and industry leading expertise and technology.
Mike Devereux, president of General Motors in the Middle East, said: “General Motors is wholly committed to the region. We continue to bring award-winning vehicles and through our dealers, provide customers with the best possible ownership experience. Our launch plans for this year are on track and unchanged.”
“We have already launched the Cadillac CTS-V, Cadillac Escalade Platinum, Chevrolet Traverse and GMC Sierra Denali. The iconic Chevrolet Camaro will enter showrooms in July. The Chevrolet Malibu and Cruze arrive in October as well as the all- new Cadillac SRX. In December, the all-new GMC Terrain makes its Middle Eastern debut,” he added.
“In response to the challenging market conditions due to the global financial crisis, we worked closely with our dealers and financial institutions to launch trendsetting and innovative customer offers. We achieved our regional first quarter sales target and outperformed the market.”
Devereux concluded: “The new GM will be a lean, competitive, profitable and more customer-focussed enterprise. I am very confident about the opportunities for GM globally and look forward to continued success right here in the Middle East.” – TradeArabia News Service