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On May 31, 2009, news broke that the U.S. would initially likely become the largest shareholder of the reorganized GM following a bankruptcy filing and re-emergence from bankruptcy. The U.S. government would invest up to $50 billion and own 60% of the new GM and the Canadian government would own 12.5%.
On the morning of June 1, 2009, Chevrolet-Saturn of Harlem, a dealership in Manhattan that was owned by GM itself, filed for bankruptcy protection there, followed in the same court by General Motors Corporation (the main GM in Detroit), GM's subsidiary Saturn LLC, and Saturn LLC's subsidiary Saturn Distribution Corporation. [3]
GM plans to launch predominately fuel-efficient cars and crossovers over the next four years, investing $2.9 billion in fuel-efficient technologies and alternative fuels during that time period. By 2012, GM will offer 15 hybrid models, and more than half of its fleet will be flex-fuel vehicles, able to run on either gasoline or ethanol-rich E85 ...
Thanks to decades of mismanagement, General Motors Corp. (GM) is on the brink of bankruptcy. For instance, under its recently fired CEO Rick Wagoner, GM's North American market share fell from 33 ...
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.
On the one hand, it's hardly a new problem: GM has lost nearly $16 billion in the region since 1999, and several former CEOs' best-laid turnaround plans failed to This GM Mess Isn't Going Away ...
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
GM ended Saturn production October 7, 2009 [18] and ended its outstanding franchises on October 31, 2010. [19] [20] In February 2010, to aid customer retention, GM announced that it was offering existing Saturn owners up to US$2,000 in incentives to purchase a new Chevrolet, Buick, Cadillac, or GMC vehicle until March 31. Customers were ...