Despite the situation in America there is still a commitment to all of Holden's operations, including its suppliers and dealers.
The dark cloud that hung over GM Holden for nearly a year finally lifted a little after midnight on Tuesday.
It was blown away as General Motors finally confirmed it was going into chapter 11 bankruptcy protection in the USA, with zero changes to the operation of the red lion brand in Australia.
Holden is even guaranteed an important place in what is now called New GM as the American juggernaut places an increased emphasis on its Asia-Pacific operations.
New GM will be majority owned by the US government, with the American auto workers union, bond holders and the Canadian government also getting a stake in a reborn and revitalised company which is expected to re-emerge from Chapter 11 within three months.
The key to the restructuring and revitalisation of GM is shedding its toxic debts, including under-performing car brands, dealerships and factories.
Opel has already been sold to a cartel including the German government with a minority GM share, with Hummer also about to go. Saab, Saturn and Pontiac will either be sold or closed.
"We need to move fast - speed is of the essence. We have gotten ourselves prepared to move fast," says the CEO of GM, Fritz Henderson.
But there is no need for speed at GM Holden, which will continue to track on its current course including production of the compact Cruze in 2010.
"We intend to maintain our focus on Holden product programs and activities. GM has clearly stated that all of its businesses in the Asia Pacific region - and that includes Holden - continue normal operations and are not directly impacted by this process in the US," says the chairman of GM Holden, Mark Reuss.
He clarified the situation in America with a commitment to all of Holden's operations, including its suppliers and dealers.
"The process being used in the US is unlike Australian and New Zealand law. It is a fast, court-supervised process that permits the sale of selected assets to a new entity," Reuss says.
"Unlike court-controlled processes in many other countries, US chapter 11 allows GM to deal with the financial issues that have built up over many years and for New GM to emerge as a healthier business, better able to deal with the challenges of today and tomorrow. It does not mean ceasing to trade."
The bankruptcy move is the final chapter, for now, in the dramatic fall of what was the world's largest carmaker until Toyota overtook its global sales in 2008.
GM was unable to respond to the global economic crisis, particularly as sales of its highly-profitable SUVs and trucks collapsed at home, and was forced to rely on billions in government handouts. But the US government set a June 1 deadline for a workable plan to save the company and, when bond holders refused to swap their debt for equity, the company moved quickly into chapter 11.
The bankruptcy was announced by President Barak Obama, whose government takes a 61 per cent stake in New GM through the treasury department. He could not resist a tongue-in-cheek reference to the prospects for the company to re-emerge from bankruptcy as a leaner and meaner operation.
"When that happens, we can truly say that what is good for General Motors, is good for the United States of America," Obama says.
