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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 ...
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.
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’s core truck business could also get heavily taxed: About half of the more than 750,000 vehicles GM expects to import this year from Mexico and Canada are full-sized, gasoline-powered pickups ...
GM's CFO told investors the company has changed its business strategy to withstand market volatility and a new presidential administration.
Wheaton said dropping brands is likely required, much like the U.S. government forced GM to get rid of Hummer, Saab, Pontiac and Saturn during its bankruptcy proceedings in 2009.
GM’s issues in China are no surprise to the automaker. The company lost $347 million in the region through Q3 of this year and saw sales slipping 19% through the same period compared to a year ago.
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