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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.
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.
Due to a long-lasting downturn in sales of full-size trucks and SUVs in the United States (by as much as 30% through the first nine months of 2008), General Motors cancelled the next-generation full-size truck program in May 2008, including the replacements for the Chevrolet Tahoe and Suburban and their siblings at GMC and Cadillac. [4]
General Motors' revenue increased 4% to $39 billion and it earned $2.6 billion in the. After Ford's solid third-quarter report last week the pressure was on crosstown rival General Motors to ...
General Motors was represented by the New York specialist law firm Weil, Gotshal & Manges. The United States Treasury was represented by the United States Attorneys Office for the Southern District of New York and Cadwalader, Wickersham & Taft LLP. An ad hoc group of the bondholders of General Motors Corporation was also represented in court. [47]
The poor performance of General Motors' Chinese joint ventures is forcing the company to write down assets and take a restructuring charge totaling more than $5 billion in the fourth quarter of ...