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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.
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]
The initial public offering of General Motors (GM) last week netted $11.7 billion for the U.S. Treasury, which invested taxpayer money into keeping the then-struggling automaker solvent during the ...
General Motors said today it's taking a number of steps to reduce its debt and pension liabilities. The Detroit automaker said it will repay $2.8 billion it owes to the United Auto Workers retiree ...
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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.
[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]