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The General Motors Chapter 11 filing formally was entitled "In re General Motors Corp.", and was case number 09-50026 in the Southern District, Manhattan, New York. [46] General Motors was represented by the New York specialist law firm Weil, Gotshal & Manges.
The Task Force was scaled back from "day to day" involvement to periodic "monitoring". [3] 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's bailout of General Motors was wildly unpopular in some circles, but there's no doubt that it worked. GM is now solidly profitable, its cars have improved, and it has created ...
June 19, 2009: Deadline for filing all objections to the sale of General Motors. June 22, 2009: Deadline for making competing bids in the auction of General Motors' assets. June 25, 2009: Final hearing on the bankruptcy loan. July 10, 2009: Deadline for completion of the sale, requested by the U.S. Treasury and General Motors. [9] [10]
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After adding an economic crisis to a financially unhealthy automaker, General Motors looked ready for collapse near the beginning of 2009. In response to the potential damage GM's collapse would ...
The Obama administration has promised to set a $500,000 cap on executive pay at companies that receive bailout money, [84] directing banks to tie risk taken to workers' reward by paying anything further in deferred stock. [85]