JUNE 1, 2009, 7:52 P.M. ET
MELBOURNE (Dow Jones)--GM Holden Chief Executive Mark Reuss said Tuesday the bankruptcy of parent company General Motors Corp. (GM) is a positive opportunity to restructure and the Australian business is "safe", with no job losses planned for now.
Reuss said Holden is well placed as one of GM's three vital subsidiaries in the Asia Pacific region and that the bankruptcy will not affect the Australian unit's access to capital.
"We are a viable, sustainable business in the long term," he told reporters
"We are cashflow positive, we are liquid (and) on the verge of turning a profit here this last month even in a down business."
Reuss said Holden has moved quickly to respond to the downturn, cutting shifts and freezing pay, and is well placed with the best selling car in Australia in the Commodore and new small car the Cruze on the way.
"With all those things in place, with the right operating and structural cost, we can be very profitable here," he said.
Holden has no plans to cut jobs at this stage and the company does not have debts owing to its parent, Reuss said.
-By Alex Wilson, Dow Jones Newswires; 61-3-9292-2094;
alex.wilson@dowjones.comThank GOD cos I'd be shattered if we lost another aussie icon! I'd still buy a new commodore over any other new car out there today. Im just not a fan of thier older ones unless all done up.
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Desecrator IS the right way to spell it but it looks so SHIT!
Subject: GM Bankrupt 
Tue Jun 02, 2009 5:47 pm
