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At the time it filed for bankruptcy, [2] the company had already been in talks with various prospective buyers for individual dealerships. [11] NASCAR team owner and automobile dealer Rick Hendrick was mentioned as a possible buyer, as well as a dealer from San Diego, California. [11]
An automobile dealership in Orland, California which closed after General Motors cut ties with it and several hundred other dealers as part of its Chapter 11 bankruptcy restructuring efforts in 2009 [1] Beginning in the latter half of 2008, a global-scale recession adversely affected the economy of the United States.
The case was assigned to U.S. Bankruptcy Judge Robert Gerber, who had previously presided over another high-profile bankruptcy case of Adelphia Communications Corp. [7] Shortly after the Chapter 11 filing, it was announced that on Monday, June 8, 2009, GM would be removed from the Dow Jones Industrial Average, and replaced by Cisco Systems.
The program was controversial with dealers, many who didn't want to close their dealership or sell their franchise rights. [23] However, Section 363 of the Federal Bankruptcy Code allowed GM to force thousands of dealerships to forfeit their franchise rights. Dealers accused GM of fraud and theft and formed the Committee to Restore Dealer Rights.
On Sunday, May 31, 2009, bankruptcy judge Arthur J. Gonzalez approved a proposed government restructuring plan and sale of Chrysler's assets. The sale allows most of the assets of Chrysler to be purchased by a new entity in which Fiat would own 20%, and the autoworker's union retirement health care trust (voluntary benefit association "VEBA") 55%, with the U.S. and Canadian government as ...
A dealer is likely to ask if you plan to finance the vehicle through the dealership. Say you haven't decided and you'll discuss financing after you come to an agreement on the price of the car.