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GM was bound to pay $10 billion to the VEBA trust in December 2009, with the remainder being paid in increments from 2012-19. GM was not required to make contributions to its pension fund until 2013, but it could elect to if needed, since the company contributed $15.2 billion to its pension fund in 2003.
"GM Viability Assessment" (PDF). Executive office of the President of the United States. March 30, 2009. Archived from the original (PDF) on April 7, 2009 Assessment of the GM plan of February 17, 2009, presented to the U.S. Government; Bad Design the Driving Force Behind GM's Malaise by Jonathan Glancey, The Guardian, June 1, 2009
The UAW had been offered 50% and 40% stakes in the new Chrysler and GM, respectively, while the bondholders would have received 33 cents on the U.S. dollar for Chrysler and 10% of the new GM (an analyst stated that the GM offer would be projected to recover 24 cents on the dollar). [34]
GM will begin to run ads for its new "May the Best Car Win" program. Buyers can take a new GM car off the lot and drive it for up to 60 days. If they don't like it, they can return the car without ...
No one caught that 60-cent mistake until Munoz submitted the $18,651 claim to Safe-Guard, his gap insurance company, which he says denied payment over the discrepancy in the paperwork.
On May 15, GM recalled 2.7 million more cars, bringing the total number of recalled vehicles in 2014 to 12.8 million worldwide, 11.1 million of which were in the United States. [7] On June 16, 2014, GM announced they were recalling 3.4 million more cars, all of which were produced from 2000 to 2004.
GM (GM) reported top and bottom line beats for the fourth quarter, and issued 2024 full-year profit guidance that matched its initial forecast for 2023, as the company looks to shake off the ...
Delphi, which was spun off from GM in 1999, filed for Chapter 11 bankruptcy after the UAW refused to cut their wages and GM is expected to be liable for a $7 billion shortfall. [ 74 ] [ 75 ] [ 76 ] In order to improve profits, the Detroit automakers made agreements with unions to reduce wages while making pension and health care commitments.