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On February 18, 2009, General Motors and Chrysler again approached the U.S. government, in regard to obtaining a second bridging loan of $21.6 billion (£15.2 billion). $16.6 billion of this would go to General Motors, while Chrysler would take $5 billion. General Motors agreed to shed 47,000 jobs, close five plants, and axe 12 car models.
Chrysler filed for chapter 11 bankruptcy protection on May 1, 2009 [95] followed by General Motors a month later. [96] 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.
According to an April 2014 report of the Special Inspector General of the Troubled Asset Relief Program, the U.S. government had lost $11.2 billion (~$14.2 billion in 2023) in its rescue of General Motors. The U.S. government spent $50 billion to bail out GM, meaning it recovered 77.6 percent of its investment amount. [7]
Like many people, Adam Bernard shared the shock of suddenly losing his job one Friday morning on social media. His post on LinkedIn simply stated: “Well, in unexpected news, I was let go from GM ...
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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 ...
On Sunday, May 31, 2009, bankruptcy judge Arthur J. Gonzalez approved a proposed government restructuring plan and sale of Chrysler's assets. The sale allows most of the assets of Chrysler to be purchased by a new entity in which Fiat would own 20%, and the autoworker's union retirement health care trust (voluntary benefit association "VEBA") 55%, with the U.S. and Canadian government as ...
General Motors Co (NYSE: GM) has extended production cuts at three North American plants and added a fourth to the list of factories hit by the global semiconductor chip crisis, Reuters reports.