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The final direct cost to the Treasury of the GM bailout was $11 [94]-12 billion ($10.5 billion for General Motors and $1.5 billion for former GM financing GMAC, now known as Ally). [95] Local tax incentives amounted to $1.7 billion, most of them in Michigan.
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]
On the June 1, 2009, General Motors filed for Chapter 11 bankruptcy after failing to successfully negotiate deals with bond holders. On the day the application was made, General Motors was largely a nationalized institution (the U.S. government owning 60% and the Canadian 12.5%), the remaining private stakes mainly being owned by employees.
On June 1, 2009, General Motors Corporation filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of New York.On October 9, 2009, Remediation and Liability Management Company, Inc. (“REALM”) and Environmental Corporate Remediation Company, Inc. (“ENCORE”) each filed voluntary petitions for relief under Chapter 11.
General Motors Number of jobs cut since recession began: 107,357 The entire auto industry felt the pain of the recession -- U.S. car sales dropped from an average 16 million a year in 2005 to 11 ...
[8] [9] The current entity was established in 2009 after the General Motors Chapter 11 reorganization. [10] As of 2024, General Motors ranks 25th by total revenue out of all American companies on the Fortune 500 and 50th on the Fortune Global 500. [11] [12] In 2023, the company was ranked 70th in the Forbes Global 2000. [13]
The U.S. carmaker had been harvesting drivers' data that was of particular value for insurers keen on better assessing the risk posed by policyholders.
General Motors lays off about 1,000 workers, cutting costs to compete in a crowded automobile market November 15, 2024 at 5:53 AM FILE - The Chevrolet logo is seen at a new and used vehicles ...