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Chevrolet-Saturn of Harlem Inc., a New York-basexd affiliate of the Detroit automaker, was the first GM affiliate to seek bankruptcy protection Monday morning througuhthe U.S. Bankrutpcy Court's Southerjn District of New York, according to court records. The restructurinvg will enable GM to emerge as a viable entity under the brand namenew GM. It also will give the federapl government, which plans to make availableabout $30 billion of federalk assistance to support the restructuring, a large ownership stakde in the company.
Two area companies were among the list of creditorsxin GM's filing: New York-based Bank of New York with claims of $176 million, and Downtown-basef US Steel, with claimz of $9.6 million. For a list of creditors, see GM's . Accordinh to a release from the White the company plans to announce today that it will closed 11 facilities and idleanother three. GM had alread announced in May .
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