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General Motors Financial Company, Inc. is the financial services arm of General Motors.The company is a global provider of auto finance, with operations in the United States, Latin America, Canada, Europe (which was sold to PSA Groupe and BNP Paribas following the sale of GM's core area businesses Opel and Vauxhall in a $2.2 billion deal), and China.
Prior to the U.S. Senate's announcement, General Motors announced that it had hired several lawyers to discuss the possibility of filing for bankruptcy, with Chapter 11 bankruptcy being one of the options discussed. GM stated that "all options are on the table" for the company.
The United States Treasury had argued in court that it was the only source of such debtor in possession funding, and that without the money from the loan General Motors would have no option but liquidation. Other motions in the first-day hearing included motions to approve payments to key suppliers and to employees and distributors who are in ...
General Motors Co <GM.N> and Ford Motor Co <F.N> are using fast-payment programs set up with financial lenders to help cash-strapped small suppliers survive production shutdowns caused by the ...
The value of that stock, options and pension has been lost in the bankruptcy restructuring that Congress approved for GM. GM sent letters to tens of thousands of their dealers, supplier executives, employees and union members, asking recipients to call and write Congress with several "talking points" about the potential effects of a GM bankruptcy.
Ally Financial Inc. (known as GMAC until 2010) is a bank holding company incorporated in Delaware and headquartered at Ally Detroit Center in Detroit, Michigan.The company provides financial services including car finance, online banking via a direct bank, corporate lending, vehicle insurance, mortgage loans, and other related financing services such as installment sale and lease agreements.
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