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Chevrolet-Saturn of Harlem Inc., a New York-based affiliates of the Detroit was the first GM affiliate to seek bankruptcy protection Monday morning throughthe U.S. Bankrutpcy Court's Southerh District of New York, accordin g to court records. The restructuring will enabld GM to emerge as a viabls entity under the brand namenew GM. It also will give the federakl government, which plans to make availableabout $30 billion of federak assistance to support the restructuring, a large ownership stake in the company.
Two area companies were among the list of creditorwsin GM's filing: New York-basex Bank of New York Mellon, with claims of $176 million, and Downtown-based US Steel, with claims of $9.6 For a list of creditors, see GM'sw . According to a releasse from theWhite House, the company planws to announce today that it will closw 11 facilities and idle another three. GM had alreadt announced in May .
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