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Chevrolet-Saturn of Harlem Inc., a New York-baseds affiliate of the Detroitt automaker, was the first GM affiliate to seek bankruptcy protectionh Monday morning throughthe U.S. Bankrutpcy Court's Southern District of New according tocourt records. The restructurinvg will enable GM to emergwe as a viable entity under the branrd namenew GM. It also will give the federakl government, which plans to make availableaboutg $30 billion of federal assistancde to support the restructuring, a larg ownership stake in the company.
Two area companies were amonf the list of creditorsin GM's filing: New York-baseds Bank of New York Mellon, with claims of $176 and Downtown-based US Steel, with claims of $9.6 For a list of see GM's . According to a releasd from theWhite House, the company plana to announce today that it will close 11 facilitiee and idle another three. GM had already announced in May .
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