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As part of a reorganization plan agreed to with the U.S., Canadian and Ontario governments, and the company's unions, General Motors filed for Chapter 11 bankruptcy protection in a federal Manhattan court in New York on June 1, 2009, at approximately 8:00 am, planning to re-emerge as a less debt-burdened organization. [13]
Chapter 11 bankruptcy and liquidation ... a subsidiary of General Motors, ... [11] On December 11, 2013, the company's Plan of Reorganization was approved by the ...
In 2007, General Motors made a loss of $38.7 billion. In the light of the published losses GM has conceded that it expected auditors to question its future viability when it releases its annual report in March. [86] On the June 1, 2009, General Motors filed for Chapter 11 bankruptcy after failing to successfully negotiate deals with bond ...
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]
Chrysler filed for chapter 11 bankruptcy protection on May 1, 2009 [94] followed by General Motors a month later. [95] 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.
June 11, 2024 at 8:35 AM David Paul Morris DETROIT — General Motors on Tuesday announced a new $6 billion stock repurchase authorization has been approved by its board.
A conventional bankruptcy case is one in which the debtor files for Chapter 11 relief without having agreed in advance to the terms of a plan of reorganization with its creditors. During the course of the Chapter 11 case, the debtor or, if the debtor does not retain the exclusive right to propose a plan, a creditor or creditor group may ...
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