July 10 A new General Motors GMGMQ.PK 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:
Oct. 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.
Dec. 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.
Feb. 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 reorganise outside
bankruptcy by slashing bond debt, cutting a further 21,000-plus
U.S. jobs and emerging as a nationalised 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.
June 1 - GM files for bankruptcy. The United States will
provide $30 billion of additional taxpayer funds to restructure
the company so it can better compete with lower-cost Asian
June 2 - Reaches a memorandum of understanding to sell its
Hummer brand to Sichuan Tengzhong Heavy Industrial Machinery
Co, a privately held Chinese heavy machinery maker.
June 5 - Reaches a preliminary agreement to sell its Saturn
brand to Penske Automotive Group (PAG.N).
June 8 - Says it would cease production of medium-duty
trucks by July 31 after attempts to sell the operation failed.
June 16 - Strikes a deal with Sweden's Koenigsegg, a niche
manufacturer of some of the world's fastest and most expensive
sports cars, to sell Saab Automobile.
June 25 - Receives final court approval to borrow up to
$33.3 billion from the U.S., Canadian and Ontario governments.
July 6 - A senior U.S. official says GM will get the
remaining $20 billion in government bankruptcy financing over
the rest of 2009 and could be ready to launch an initial public
stock offering in early 2010.
July 6 - A U.S. judge approves GM's bankruptcy sale in a
move that will allow the company's most profitable assets to
exit bankruptcy protection under government ownership.
July 10 - Emerges from bankruptcy protection after the
40-day bankruptcy concludes with a deal that sold key
operations and core brands, including Chevrolet and Cadillac,
to a new company, majority-owned by the U.S. Treasury.