UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549-1004
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) November 16, 2005
GENERAL MOTORS CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
STATE OF DELAWARE 1-143 38-0572515
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(State or other jurisdiction of (Commission (I.R.S. Employer
Incorporation or Organization) File Number) Identification No.)
300 Renaissance Center, Detroit, Michigan 48265-3000
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (313) 556-5000
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 8.01. OTHER EVENTS
On November 16, 2005, Rick Wagoner, Chairman and CEO of General Motors
Corporation (GM) issued the following statement to GM employees:
For the Record...
We're going through a rough patch of road these days, and it's attracting a lot
of opinions about our Company and its future. Some of these opinions are
thoughtful and helpful... others are less so, and in some cases, they're just
plain wrong. It's those that particularly bother me, and I'm sure, many of you
as well.
One that falls in that latter category is the discussion by some of a
hypothetical GM plan to declare bankruptcy. I'd like to just set the record
straight here and now: there is absolutely no plan, strategy or intention for GM
to file for bankruptcy.
Despite the recent large losses in our U.S. business, GM has a robust balance
sheet and strong liquidity - $19 billion in cash at the end of the third
quarter, plus $16 billion in long-term VEBA* assets, which provides us further
significant liquidity support. The large losses at GMNA are unsustainable, for
sure, and require a comprehensive strategy to address them... a strategy that
must be implemented promptly and effectively, to get our U.S. business
profitable again.
And, that is just what we are doing with our turnaround plan. The plan is well
known to you: (1) exciting new products, (2) revitalizing our sales and
marketing strategy, (3) major reductions in cost and improvements in quality,
and (4) reducing our health care cost burden. And, we are seeing progress... as
but one example, the historic health care accord with the UAW was ratified last
Friday. There is, for sure, more to do. But these actions, along with other
initiatives such as globalizing our key business activities and exploring ways
to improve GMAC's credit ratings, are all designed to get us back to a robust
earnings and cash flow position.
All of this certainly involves changes... in many cases, significant changes
that affect us personally. But, in the challenging circumstances that we are
facing in the U.S., it's clear that such changes are necessary.
What we do not intend to do is file for a bankruptcy reorganization. That is not
only unnecessary; it would be clearly contrary to the interests of our
employees, our stock and bond holders, our dealers, and our suppliers and
importantly, our customers. What we are doing is taking the necessary steps to
get our business profitable.
Thanks as always for your support.
Rick
* The Voluntary Employees' Beneficiary Association trust provides funds for
retiree health care.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GENERAL MOTORS CORPORATION
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(Registrant)
Date: November 17, 2005 By: /s/PETER R. BIBLE
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(Peter R. Bible,
Chief Accounting Officer)