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General Motors was represented by the New York specialist law firm Weil, Gotshal & Manges. The United States Treasury was represented by the United States Attorneys Office for the Southern District of New York and Cadwalader, Wickersham & Taft LLP. An ad hoc group of the bondholders of General Motors Corporation was also represented in court. [47]
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 ...
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.
Why did General Motors (GM) fail? The first reason is bad financial policies. As I posted, for too many years GM used cheap cars as razors to sell consumers a monthly package of razor blades -- in ...
The bankruptcy of General Motors Corp. (GM) is almost as inevitable as the sun rising or the New York Mets collapsing in September. GM is going beyond an earlier plan to slash debt by 46 percent ...
That's the latest chapter in a story which ends on Monday with the nearly guaranteed bankruptcy of General Motors (GM). In a loss to Italy's Fiat, a Why GM's bankruptcy matters
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]
Why should the US government give car companies, General Motors (GM) in particular, money to close dealers and cut American jobs? Taxpayers are, in essence, spending their Congress questions GM ...