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GM plans to cancel seven aircraft leases
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08:31, June 03, 2009

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General Motors Corp., the largest U.S. automaker which filed for bankruptcy protection on Monday, sought on Tuesday to cancel seven aircraft leases and its lease with Wayne County on a hangar at Detroit Metropolitan Airport, as it rejects contracts in bankruptcy court.

According to a Detroit News report, GM came under sharp scrutiny when its then Chairman and CEO Rick Wagoner flew in a company plane to hearings in Washington in November to seek emergency government loans.

The automaker said last year it would reduce its fleet from seven to three planes, and then vowed in December to sell all of its planes.

GM also wants to cancel its lease on a hangar and other space at Detroit Metropolitan Airport. The bankrupt automaker's 25-year lease on its hangar was signed in 1984. The lease includes 230,000square feet of paved ramp space and 112,000 of space for parking and equipment storage.

GM pays about 41,000 dollars a month in rent to the Metro airport authority, a lease that was supposed to expire in November this year. As part of its lease, GM spent 3 million dollars in themid-1980s to improve the hangar.


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