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GM bankruptcy reason to pray
By Catholic News Service
June 4, 2009
DETROIT - As Michigan braces to add to the nation’s highest unemployment rate, Detroit Archbishop Allen H. Vigneron has asked all Catholics to join him in praying for those affected by the bankruptcy of General Motors Corp.
“The news concerning General Motors adds to the disruption and uncertainty already faced by many of our fellow citizens,” Archbishop Vigneron said in a June 1 statement. “All of those impacted by these latest developments are in my prayers.”
“The news concerning General Motors adds to the disruption and uncertainty already faced by many of our fellow citizens,” Archbishop Vigneron said in a June 1 statement. “All of those impacted by these latest developments are in my prayers.”
GM, until recently the world’s largest automaker, filed for Chapter 11 bankruptcy protection June 1. Under the terms of the filing, the U.S. government, which has made billions of dollars in loan guarantees to GM since last year, will own 60 per cent of the company.
The governments of Canada and Ontario, which have been assisting GM facilities, will own a combined 11.7 per cent, and the UAW will own about 17 per cent of the company, while bondholders will own most of the remainder.
But the bankruptcy filing also came with news that GM would close another 16 of its 49 remaining manufacturing and assembly plants. No Canadian plants will be immediately affected.
GM announced earlier this spring that it would discontinue selling the Pontiac, Saturn and Hummer brands. Hummer is being sold to a Chinese industrial firm, and most of GM’s European brands have been shed, sold or shielded from bankruptcy.
“I invite the Catholic faithful to join with me as we implore the Blessed Virgin Mary, Mother of Perpetual Help, for her comfort in these times of economic distress,” Archbishop Vigneron said in his statement. “And we humbly ask for her intercession with Jesus, her son, to strengthen all of those bearing the burdens of the challenges before us.”
The GM bankruptcy came the same day Chrysler, the United States’ third largest automaker, came out of bankruptcy.
The Italian automaker Fiat will take most of Chrysler’s assets.
Consumer advocate Ralph Nader, criticized the bankruptcy plan in a June 2 statement.
“This should go back to Congress for thorough House and Senate hearings,” he said.
The governments of Canada and Ontario, which have been assisting GM facilities, will own a combined 11.7 per cent, and the UAW will own about 17 per cent of the company, while bondholders will own most of the remainder.
But the bankruptcy filing also came with news that GM would close another 16 of its 49 remaining manufacturing and assembly plants. No Canadian plants will be immediately affected.
GM announced earlier this spring that it would discontinue selling the Pontiac, Saturn and Hummer brands. Hummer is being sold to a Chinese industrial firm, and most of GM’s European brands have been shed, sold or shielded from bankruptcy.
“I invite the Catholic faithful to join with me as we implore the Blessed Virgin Mary, Mother of Perpetual Help, for her comfort in these times of economic distress,” Archbishop Vigneron said in his statement. “And we humbly ask for her intercession with Jesus, her son, to strengthen all of those bearing the burdens of the challenges before us.”
The GM bankruptcy came the same day Chrysler, the United States’ third largest automaker, came out of bankruptcy.
The Italian automaker Fiat will take most of Chrysler’s assets.
Consumer advocate Ralph Nader, criticized the bankruptcy plan in a June 2 statement.
“This should go back to Congress for thorough House and Senate hearings,” he said.