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General Motors Financial Company, Inc. is the financial services arm of General Motors.The company is a global provider of auto finance, with operations in the United States, Latin America, Canada, Europe (which was sold to PSA Groupe and BNP Paribas following the sale of GM's core area businesses Opel and Vauxhall in a $2.2 billion deal), and China.
The General Motors Chapter 11 filing formally was entitled "In re General Motors Corp.", and was case number 09-50026 in the Southern District, Manhattan, New York. [46] General Motors was represented by the New York specialist law firm Weil, Gotshal & Manges.
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]
General Motors (GM) said Thursday it was withdrawing its application for $14.4 billion in loans from the Department of Energy. With the company making big strides in turning around its business ...
Three years after selling its controlling interest in financial services company GMAC, General Motors is looking at reentering the auto-loan business. Executives at the Detroit-based carmaker ...
GM has been a finance company that happened to sell cars. In 2005, GM limited its $6 billion in vehicle operating losses due to the $2.2 billion it made financing those vehicles.
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.
On June 2, a day after it filed for bankruptcy, I estimated that the new General Motors would have to reach a value 20 percent above its all time high in order to repay the $50 billion government ...