FACTBOX: GM bankruptcy enters crisis record books

Mon Jun 1, 2009 5:07pm EDT
 
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(Reuters) - General Motors Corp filed for the largest bankruptcy by a manufacturer in U.S. history on Monday, joining the list of major collapses triggered by the biggest global economic slowdown in decades.

Here are some of the economic and corporate records set during this crisis:

BANKRUPTCIES

-- Lehman Brothers Holdings Inc filed the biggest U.S. bankruptcy in history on Sept 15, 2008

-- Chrysler, the No. 3 U.S. automaker, filed for Chapter 11 bankruptcy protection on April 30 as part of a restructuring plan including an alliance with Italy's Fiat SpA.

-- General Motors became the biggest manufacturing bankruptcy in U.S. history when it filed for Chapter 11 protection on June 1.

BUDGETS

-- U.S. President Barack Obama forecast a deficit of $1.75 trillion for 2009 on February 26, which at 12.3 percent of GDP is the biggest since World War Two. A $569 billion U.S. budget deficit for the first four months of fiscal 2009 was a record for the period.

-- Britain has forecast a record budget deficit of 175 billion pounds ($286.7 billion) for this year

CORPORATE LOSSES

-- American International Group Inc reported a $61.7 billion fourth-quarter loss on March 2, the largest quarterly loss in U.S. corporate history.

-- Royal Bank of Scotland posted a 24.1 billion pound ($34.3 billion) loss for 2008 on February 26, the biggest loss in British corporate history.

GDP

-- Japan posted its biggest first-quarter fall in history as its economy shrank by 4.0 percent in real GDP in the January-March period.

-- Germany announced its biggest quarterly and annual declines in GDP since German reunification in 1990 on May 26, reporting its economy shrank 3.8 percent quarter-on-quarter and by 6.7 percent year-on-year in the January-March period.

-- Italy's economy contracted by 2.4 percent in the first quarter, it said on May 15, its steepest quarterly fall in GDP since the current series began in 1980.  Continued...

 

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