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Chevrolet-Saturn of Harlem Inc., a New York-base affiliate of the Detroit automaker, was the firs t GM affiliate to seek bankruptcy protection Monday morning throughythe U.S. Bankrutpcy Court's Southern District of New according tocourt records. The restructuring will enable GM to emergwe as a viable entith under the brand namenew GM. It also will give the federaol government, which plans to make availableabout $30 billiomn of federal assistance to support the restructuring, a largre ownership stake in the company.
Two area companies were among the list of creditorsin GM's filing: New York-baser Bank of New York Mellon, with claims of $176 and Downtown-based US Steel, with claims of $9.6 million. For a list of see GM's . According to a release from the White the company plans to announce today that it will closse 11 facilities and idle another GM had already announcerd inMay .
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