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On December 19, 2008, Fitch Ratings downgraded the Issuer Default Rating of General Motors and Chrysler to "C", indicating "default is imminent". [101] A December 22, 2008, article from Bloomberg reported that General Motors and Ford "had their debt cut further below investment status by Standard & Poor's and Moody's Investors Service.
Rick Wagoner, the man who helped run General Motors to the ground, will retire August 1 with a pension and benefit package the automaker valued at $8.2 million. Wagoner, who was in charge of the ...
In negotiations with Chrysler and GM (GM), management has made sacrifices. Salaries have been cut or capped. Rick Wagoner lost his job. The UAW has made huge concessions on pay and the funding of ...
Thanks to decades of mismanagement, General Motors Corp. (GM) is on the brink of bankruptcy. For instance, under its recently fired CEO Rick Wagoner, GM's North American market share fell from 33 ...
On May 27, 2009, the U.S. Treasury advanced a secured loan of US$360.6 million to GM, and GM issued a note to the Treasury for US$360.6 million, plus $24.1 million USD as additional compensation for the warranty advance, pursuant to the terms of the Warranty Agreement dated December 31, 2008, between GM and the U.S. Treasury. The loan funded a ...
Wagoner resigned as chairman and CEO at General Motors on March 29, 2009, at the request of the White House. [1] [2] [3] The latter part of Wagoner's tenure as CEO of General Motors found him under heavy criticism as the market valuation of GM went down by more than 90% and the company lost more than US$82 billion. [4]
And this condition has gotten worse every year from a negative net worth of $5.4 billion in 2006 to a negative $91 billion net worth in the first quarter of 2009. Show comments Advertisement
On June 3, 2008, GM Chairman Rick Wagoner announced that the Moraine plant would close in December, citing high fuel prices and decreased demand for the SUV and trucks produced by the plant. There were no plans to reconfigure the plant to produce other products. [ 1 ]