Latest General Motors Corp. Stories

2009-06-01 18:22:00

DETROIT, June 1 /PRNewswire/ -- GMAC Financial Services has been notified that the U.S. Bankruptcy Court has approved a motion presented by General Motors Corp (GM) that enables GMAC to conduct its direct operations with GM in the ordinary course. As previously stated, GMAC continues to conduct all of its operations, including offering automotive financing products and services to both GM and Chrysler dealers and customers. GMAC is a bank holding company with a newly appointed board of...

2009-06-01 14:08:00

WASHINGTON, June 1 /PRNewswire-USNewswire/ -- Speaker Nancy Pelosi issued the following statement after General Motors Corp. filed for bankruptcy protection today: "I commend the executives and workers of General Motors, the members of the Treasury Department's automobile task force, and the Obama Administration for working together in making the necessary - and difficult - sacrifices to restructure GM into a viable, forward-looking, environmentally friendly, and globally competitive...

2009-06-01 14:06:43

Dow Jones & Co., said Monday it would replace General Motors Corp. and Citigroup Inc. on its prestigious industrial average list. GM, once a stalwart icon of U.S. industry, filed for bankruptcy protection in New York Monday morning, after its share values fell to 75 cents a share Friday -- down from a peak above $93 per share in 2000. The parlous state of GM has left us with no choice but to remove it from The Dow, the media group that overseers the list said in a statement. GM will be...

2009-06-01 15:27:20

U.S. markets posted strong gains Monday in spite of General Motors Corp. filing for bankruptcy and oil prices reaching a seven-month high. GM filed for creditor protection in New York Monday and was replaced on the Dow Jones industrial average by Cisco Systems Inc. The Dow also replaced Citigroup Inc. on the list of 30 top corporations with Travelers Co. Citigroup was removed from the list as it was going through substantial restructuring. Crude oil prices topped $68 per barrel Monday. By...

2009-06-01 09:33:09

U.S. markets headed up Monday morning in spite of General Motors Corp. filing for bankruptcy and oil prices reaching a seven-month high. GM filed for creditor protection in New York Monday. The plan includes an additional $30 billion in federal funds, closing 12 to 20 factories, and cutting 21,000 union jobs. The government, in the plan, will wind up with 60 percent of the ailing automaker. Crude oil prices topped $68 per barrel over the weekend, settling to $67.46 per barrel Monday. In...

2009-06-01 08:43:18

Monday offered a snapshot of shifting financial power as General Motors Corp. was filing for bankruptcy and China's manufacturing sector was making gains. Once an icon of industrial might, commanding 50 percent of the U.S. auto market, GM was scheduled to file for protection in New York in a process that will greatly reduce its infrastructure and its image. With its current U.S. market share down to 20 percent and sales plummeting in a recession, GM is nothing short of insolvent, a government...

2009-06-01 12:09:36

The federal government will invest $30 billion in General Motors Corp., becoming a reluctant shareholder in a new GM, U.S. President Barack Obama said Monday. The morphing of the old GM to the new GM requires a substantial amount of money that only a government can provide, Obama said of the federal government's involvement. It means taxpayers have about a 60 percent stake in GM, Obama said. We're acting as reluctant shareholders, Obama said. GM filed for bankruptcy Monday after submitting a...

2009-06-01 08:52:07

General Motors Corp. filed for bankruptcy in New York Monday, as the government outlined its plans to restructure the struggling industrial giant. President Barack Obama is scheduled to explain the plan at 11:55 a.m. in Washington. But administrative officials on Sunday explained the government would supply $30 billion in additional support and take over 60 percent of the company. GM will cut 21,000 union jobs, close at least 12 factories and 40 percent of its 6,000 dealerships as part of...

2009-06-01 07:33:00

DETROIT, June 1 /PRNewswire/ -- GMAC Financial Services is a creditor of General Motors Corp. (GM) and as such is taking the appropriate steps to protect GMAC's interests during GM's restructuring. GM has submitted a motion to the U.S. Bankruptcy Court that, pending approval, would allow its direct business with GMAC to continue in the ordinary course during GM's restructuring. In addition, GMAC has been advised by GM that GM will take appropriate steps in the bankruptcy court to...

2009-06-01 06:31:41

Administration officials said General Motors Corp. will file for bankruptcy in New York Monday and emerge sharply reduced and 60 percent government-owned. The company will likely be removed from the New York Stock Exchange, its stock, worth $93.62 a share in 2000, rendered worthless, the Detroit Free Press reported. GM will absorb an additional $30 billion in taxpayer funds and cut 21,000 union jobs, close at least 12 factories and 40 percent of its 6,000 dealerships as part of the plan, The...

Latest General Motors Corp. Reference Libraries

General Motors Headquarters, Detroit, Michigan
2014-04-13 09:20:18

General Motors Company (GM) is an American automobile manufacturer located in Detroit Michigan. They also control multinational manufacturers around the globe. They design, produce, market and distribute vehicles and parts, as well as selling financial services. GM has ten brands of vehicles produced in 37 countries. They include, Chevrolet, Buick, GMC, Cadillac, Opel, Holden, Vauxhall, Wuling, Baojun, Jie, Fang and UZDaewoo. GM does business with 157 different countries and employees...

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Word of the Day
  • The navel or umbilicus.
  • In Greek archaeology: A central boss, as on a shield, a bowl, etc.
  • A sacred stone in the temple of Apollo at Delphi, believed by the Greeks to mark the 'navel' or exact center-point of the earth.
'Omphalos' comes from the ancient Greek.