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Last updated on April 17, 2014 at 21:23 EDT

Latest General Motors Chapter 11 reorganization Stories

2014-02-10 04:20:08

AUBURN HILLS, Mich., Feb. 10, 2014 /PRNewswire/ -- Chrysler Group LLC ("Chrysler Group") announced today the closing of its previously announced offering of secured senior debt securities, raising approximately $3.0 billion in net proceeds; and senior secured term loan facilities, raising approximately $2.0 billion in net proceeds. Chrysler Group applied the proceeds of the debt offering to prepay all amounts outstanding, including accrued and unpaid interest, of approximately $5.0...

2013-12-16 16:20:09

U.S. Treasury sells stake as GM boasts of cash hoard WASHINGTON, Dec. 16, 2013 /PRNewswire-USNewswire/ -- Peter Flaherty, president of the National Legal and Policy Center (NLPC), today posed key questions to the General Motors leadership at a National Press Club press conference, including whether the company will repay to taxpayers the $10 billion direct cost of the GM bailout. News that the U.S. Treasury Department has sold its remaining stake and that Mary Barra will take over as GM's...

2012-01-26 07:56:00

NEW YORK, Jan. 26, 2012 /PRNewswire/ -- Ener1, Inc. (OTC: HEVV) (the "Company") today announced that it has reached agreement with its primary investors and lenders on a restructuring plan that will significantly reduce its debt and provide up to $81 million to recapitalize the Company to support its long-term business objectives and strategic plan. To implement this restructuring plan, the Company has voluntarily initiated a "pre-packaged" Chapter 11 case in U.S. Bankruptcy Court in the...

2011-01-20 07:00:00

DETROIT, Jan. 20, 2011 /PRNewswire/ -- General Motors today named Mary Barra senior vice president, Global Product Development, to lead the design, engineering, program management and quality of vehicles for the company's 11 brands around the world. "Mary will bring a fresh perspective to the critically important job of developing vehicles that delight global customers," said Dan Akerson, GM Chairman and CEO. "Her broad experience in engineering, manufacturing and staff functions,...

2011-01-19 11:01:00

DETROIT, Jan. 19, 2011 /PRNewswire/ -- In a move to bring greater focus and urgency to developing leading edge technology for all General Motors vehicles, the company today named Thomas G. Stephens its new Global Chief Technology Officer (CTO). "Customers today expect and deserve the very best technology from their GM vehicles," said GM Chairman and CEO Dan Akerson. "Tom will make sure that GM technology keeps up with our customers and keeps ahead of our competitors." The new CTO...

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2010-11-10 11:10:00

The Chrysler and General Motors bankruptcy reorganizations represented a sea change in corporate restructuring, one that could portend the end of our current system of bankruptcy reorganization, according to a published article by two University of Illinois experts in bankruptcy law. Law professors Charles J. Tabb and Ralph Brubaker argue that the legal principles applied in the GM and Chrysler bankruptcies "“ two of the largest in U.S. history at $83.5 and $39.9 billion, respectively...

2010-07-22 07:00:00

DETROIT, July 22 /PRNewswire/ -- To meet customer demand for leasing and non-prime financing for GM vehicles, General Motors and AmeriCredit Corp. (NYSE: ACF) today announced they have entered into a definitive agreement for GM to acquire AmeriCredit, one of the nation's leading independent auto finance companies, in an all-cash transaction valued at approximately $3.5 billion. "This acquisition supports our efforts to design, build and sell the world's best vehicles by expanding the...

2010-03-29 13:00:00

DETROIT, March 29 /PRNewswire/ -- Walter Borst is named GM vice president and Promark Global Advisors chief executive officer Nancy Everett, Promark Global Advisors chief executive officer, announces intention to leave the company June 1, 2010; will assist with the transition Joining GM from Morgan Stanley, Daniel Ammann is appointed GM vice president finance and treasurer General Motors Vice Chairman and Chief Financial Officer Chris Liddell today announced a number of key finance...

2010-02-22 16:07:00

DETROIT, Feb. 22 /PRNewswire/ -- General Motors announced today that Stephen J. Girsky has been appointed GM vice chairman, corporate strategy and business development. Girsky, 47, will continue to serve on the General Motors board of directors, a position he has held since July 10, 2009. "Steve brings a depth of experience to this position that will serve the company well as we continue with our restructuring efforts," said Ed Whitacre, GM chairman and CEO. "He is a trusted advisor who...

2010-01-26 12:05:00

DETROIT, Jan. 26 /PRNewswire/ -- General Motors and Spyker Cars NV today confirmed that they have reached a binding agreement on the purchase of Saab Automobile AB. "Today's announcement is great news for Saab employees, dealers and suppliers, great news for millions of Saab customers and fans worldwide, and great news for GM," said John Smith, GM vice president for corporate planning and alliances. "General Motors, Spyker Cars, and the Swedish government worked very hard and creatively...