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On the March 30, 2009 deadline, President Barack Obama declined to provide financial aid to General Motors, and requested that General Motors produce credible plans, saying that the company's proposals had avoided tough decisions, and that Chapter 11 bankruptcy appeared the most promising way to reduce its debts, by allowing the courts to ...
Motors Liquidation Company (MLC), formerly General Motors Corporation, was the company left to settle past liability claims from Chapter 11 reorganization of American car manufacturer General Motors. It exited bankruptcy on March 31, 2011, only to be carved into four trusts; the first to settle the claims of unsecured creditors, the second to ...
On February 18, 2009, General Motors and Chrysler again approached the U.S. government, in regard to obtaining a second bridging loan of $21.6 billion (£15.2 billion). $16.6 billion of this would go to General Motors, while Chrysler would take $5 billion. General Motors agreed to shed 47,000 jobs, close five plants, and axe 12 car models.
Despite the year of big-time cost-cutting, stock buybacks, and upside earnings surprises, GM's stock only trades on a 4.9 times forward price-to-earnings multiple, according to Yahoo Finance data ...
Roger & Me is a 1989 American documentary film written, produced, directed by, and starring Michael Moore, in his directorial debut.Moore portrays the regional economic impact of General Motors CEO Roger Smith's action of closing several auto plants in his hometown of Flint, Michigan, reducing GM's employees in that area from 80,000 in 1978 to about 50,000 in 1992.
In a filing this morning, GM reported it would take a charge of $2.6 billion to $2.9 billion in its China joint venture with local automaker SAIC due to a “material loss” in value of that ...
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.
Overall, GM said sales jumped 14.1% to 2.6 million vehicles for 2023, making it the company's best year since 2019. The automaker also grew its market share by 0.3% to 16.3% overall in the US.