UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549-1004
FORM 8-K/A
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 30, 2004
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, 48265-3000
Detroit, Michigan (Zip Code)
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(Address of Principal Executive Offices)
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 2.05 Costs Associated with Exit or Disposal Activities and
ITEM 2.06 Material Impairments
With respect to Form 8-K, Item 2.05, Costs Associated with Exit or Disposal
Activities, and Item 2.06, Material Impairments:
(a) The facts and circumstances leading up to General Motors Corporation's
(GM) announcement on November 30, 2004 to permanently lay off
approximately 950 employees at GM's assembly plant in Linden, New
Jersey, are that market demand for the specific vehicles being
produced in that facility has declined over time and GM expects a
continuation of that decline. Due to determinations regarding
the relative cost and efficiency of using the Linden facility, no
future products have been allocated to that facility. GM expects
the lay-offs to occur at the Linden facility during the first
quarter of 2005.
(b) At this time GM is unable to estimate the total amount or range of
amounts expected to be incurred in connection with each major type
of cost associated with this course of action.
GM will recognize a pre-tax charge of $49 million ($30 million after
tax) for the write-down to fair market value of various plant
assets, and a pre-tax charge of $26 million ($16 million after tax)
for contractual fees in connection with the termination of various
capital leases as of December 31, 2004. Continued payment of
compensation and other benefits to laid-off employees is estimated
to be $10 million per month, which is expected to decline as
employees are redeployed, retire, or otherwise terminate their
employment; accordingly, the total of such charges is not currently
estimable. Exit and environmental costs of approximately $26
million, pre-tax, (approximately $16 million after tax) will be
recognized in the future as liabilities are incurred.
(c) At this time GM is unable to estimate the total amount or range of
amounts expected to be incurred in connection with this action.
(d) It is estimated that the principal cash expenditures associated with
the actions at the Linden facility will be the continued payment
of compensation and other benefits to laid-off employees. The
amount of such payments is not currently estimable. GM expects to
report in a future amendment to this Form 8-K an estimate of the
monthly amount of such payments together with GM's indication
that such amounts will be declining after an initial period of
several months.
Payments of compensation and other benefits to laid-off employees
will be made in cash. Such payments are estimated to be $10 million
per month, which is expected to decline as employees are redeployed,
retire, or otherwise terminate their employment; accordingly, the
total of such payments is not currently estimable. The charge of $26
million for contractual fees in connection with the termination of
various capital leases, and the estimated future exit and
environmental costs of approximately $26 million are expected to be
settled in cash.
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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: January 18, 2005 By: /s/PETER R. BIBLE
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(Peter R. Bible,
Chief Accounting Officer)