TIMELINE: GM emerges from bankruptcy

(Reuters) - A new General Motors emerged from bankruptcy protection on Friday, far more quickly than most industry-watchers had expected, as a leaner automaker aiming to win back American consumers and pay back taxpayers.

Here is a timeline of GM's recent struggles:

October 23/24, 2008 - General Motors and Chrysler, which at the time were discussing a merger, pledge to cut jobs and close plants as the downturn in auto sales deepens.

December 19 - The United States announces a $17.4 billion lifeline to Detroit carmakers from the $700 billion Troubled Asset Relief (TARP) program. GM is to receive $13.4 billion and Chrysler $4 billion. Ford says it does not need a loan.

February 17, 2009 - GM and Chrysler request nearly $22 billion in additional U.S. government loans.

March 19 - The U.S. Treasury pledges $5 billion to aid auto suppliers crucial to the survival of the industry.

March 29 - GM Chief Executive Rick Wagoner resigns.

March 30 - Canada offers C$4 billion ($3.2 billion) in bridge loans to the Canadian branches of GM and Chrysler.

-- Russia pledges over $1 billion to its auto industry.

April 24 - GM draws another $2 billion in government aid.

April 27 - GM offers its final plan to reorganize outside bankruptcy by slashing bond debt, cutting a further 21,000-plus U.S. jobs and emerging as a nationalized automaker under majority control of the U.S. government.

May 15 - GM drops up to 1,200 U.S. dealers.

May 22 - GM borrows another $4 billion from the U.S. Treasury, taking the total government funding to keep it afloat since the start of the year to $19.4 billion.

May 30 - Germany seals a deal with Canadian auto parts group Magna, GM and the U.S. government to save carmaker Opel from the imminent bankruptcy of its U.S. parent.

-- Magna will take over parts of the new European Opel activities from GM. Germany will provide 4.5 billion euros ($6.27 billion) in loan guarantees and Magna will lend Opel 300 million euros to cover short-term liquidity needs.

May 31 - Investors holding about 54 percent of GM's $27.2 billion of bonds indicate support for a U.S. Treasury-brokered swap that may help speed the way through bankruptcy.