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The final direct cost to the Treasury of the GM bailout was $11 [94]-12 billion ($10.5 billion for General Motors and $1.5 billion for former GM financing GMAC, now known as Ally). [95] Local tax incentives amounted to $1.7 billion, most of them in Michigan.
Motors Liquidation Company (MLC), formerly General Motors Corporation, was the company left to settle past liability claims from Chapter 11 reorganization of American car manufacturer General Motors.
On the June 1, 2009, General Motors filed for Chapter 11 bankruptcy after failing to successfully negotiate deals with bond holders. On the day the application was made, General Motors was largely a nationalized institution (the U.S. government owning 60% and the Canadian 12.5%), the remaining private stakes mainly being owned by employees.
Chrysler filed for chapter 11 bankruptcy protection on May 1, 2009 [94] followed by General Motors a month later. [95] On June 2, General Motors announced the sale of the Hummer brand of off-road vehicles to Sichuan Tengzhong Heavy Industrial Machinery Company Ltd., a machinery company in western China, a deal which later fell through.
The tentative deal between the UAW and GM involves a 25% general pay increase and adjustments for cost of living. Over the four years and eight months the contract spans, wages would increase 30%.
December 11, 2024 at 8:05 PM ... General Motors now joins automakers like Ford Motors and Volkswagen who also once made big, ... the business continued to cost the Detroit-based carmaker $1.3 ...
General Motors lays off about 1,000 workers, cutting costs to compete in a crowded automobile market November 15, 2024 at 8:53 AM FILE - The Chevrolet logo is seen at a new and used vehicles ...
[8] [9] The current entity was established in 2009 after the General Motors Chapter 11 reorganization. [10] As of 2024, General Motors ranks 25th by total revenue out of all American companies on the Fortune 500 and 50th on the Fortune Global 500. [11] [12] In 2023, the company was ranked 70th in the Forbes Global 2000. [13]