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The 2009 General Motors Chapter 11 sale of the assets of automobile manufacturer General Motors and some of its subsidiaries was implemented through Chapter 11, Title 11, United States Code in the United States bankruptcy court for the Southern District of New York.
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. It exited bankruptcy on March 31, 2011, only to be carved into four trusts; the first to settle the claims of unsecured creditors, the second to ...
GM had eight brands sold in the United States (not including its overseas brands Vauxhaul, Opel, Holden and at the time GM Daewoo which is now called GM Korea) until it sold three and liquidated one of those brands during bankruptcy, [31] leaving four (Chevrolet, Cadillac, GMC and Buick), while Toyota has only three. More brands require ...
GM's post-bankruptcy leadership has been determined to make it profitable, but restructuring efforts have fallen short as deep recessions have driven auto sales in Europe to a near-two-decade low.
As GM exited bankruptcy today, the nation's largest automaker -- once the world's largest -- beat its rival Chrysler by two days. The lingering question is whether GM's fast-paced turnaround took ...
If General Motors is going bankrupt, why are we still pumping taxpayer money into it? Beats me, but now the word is that GM is well on its way to bankruptcy and the government (that's us ...
In the Automotive industry crisis of 2008–10, Wagoner came under renewed pressure as GM sought financial support from the U.S. government in an attempt to avoid bankruptcy. During the latter half of 2008, Wagoner and GM maintained that bankruptcy was "not an option that GM is considering," despite rapidly running out of capital. [16]
The RACER Trust (Revitalizing Auto Communities Environmental Response Trust) was created in March 2011 by a consent decree in the United States Bankruptcy Court for the Southern District of New York to clean up and position for redevelopment certain real properties owned by the former General Motors Corporation (“GMC”) and various GMC affiliates at the time of GMC's bankruptcy in 2009.