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"GM is thinking more about the long term than about 2025, which probably is going to be a difficult year," said Erik Gordon, business professor at the University of Michigan's Ross School of Business.
On the March 30, 2009 deadline, President Barack Obama declined to provide financial aid to General Motors, and requested that General Motors produce credible plans, saying that the company's proposals had avoided tough decisions, and that Chapter 11 bankruptcy appeared the most promising way to reduce its debts, by allowing the courts to ...
GM has warned that it would file for bankruptcy if there isn't a restructuring deal by Friday, as the Korean operation is running out of cash to pay employees and suppliers amid slumping sales.
Of course, filing for bankruptcy doesn’t necessarily mean a business is going bust. Companies tend to use the Chapter 11 process to wind down some operations, tackle mounting debt and save on ...
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 ...
A RFC in 2009 was unanimous in support of keeping GM Corp and GM Comp in a single article thus the history of pre-bankruptcy GM and post bankruptcy GM are already settled and included in the current General Motors Company article (itself a rename of the pre-bankruptcy GM Corp article). Any history of the corp that became MLC prior to the ...
It wasn’t long ago that China was by far the largest, and most profitable market, for General Motors. While the company was hemorrhaging money in North America and Europe and hurtling towards ...
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.