On Friday, the new General Motors (GM) began operations with a new corporate structure, and is now primarily owned by the governments of the U.S., Canada and Ontario, along with the UAW Retiree Medical Benefits Trust. The result of an asset sale approved by the bankruptcy court on July 5, the new GM will narrow its focus to four core brands (Chevrolet, Cadillac, Buick and GMC). Also, the number of U.S.

Late last night, after presiding over a three-day hearing on the matter last week, U.S. Bankruptcy Judge Robert Gerber of the U.S. Bankruptcy Court for the Southern District of New York issued an order authorizing the sale of substantially all of the assets of General Motors Corporation (“Old GM”) under Section 363 of the Bankruptcy Code (“Section 363 Sale”).

This morning, General Motors Corp. (GM) announced that it filed for Chapter 11 bankruptcy in the U.S.

This morning, General Motors Corp. (GM) announced in a Form 8-K filing that the U.S. Treasury Department has proposed details of a reorganization plan to GM in the event that GM seeks bankruptcy protection and bankruptcy court approval for the sale of substantially all of its assets to a newly organized company (New GM) pursuant to Section 363 of the Bankruptcy Code (363 Sale). Following the proposed 363 Sale, the U.S.

Yesterday, in a filing with the Securities and Exchange Commission, General Motors announced that it is currently attempting to restructure debt held by the U.S. Treasury Department. Under a current proposal, GM would convert at least 50% of its debt held by the U.S. Treasury Department into common shares. As a result of the conversion Treasury would hold greater than 50% of GM’s common shares.

On Thursday, General Motors Corporation (GM) filed its Annual Report on Form 10-K with the Securities and Exchange Commission which notably included an opinion of its auditors on its financial statements in which the auditors stated that GM’s “recurring losses from operations, stockholders’ deficit, and inabili

On Wednesday, Ford Motor Co.

Today, the president of GM Europe (the European arm of General Motors Corp. (GM)), Carl-Peter Forster, stated that GM Europe was “working hard to adapt [its] European business according to the [restructuring] plan” submitted by GM to the U.S.

As required by the terms of the emergency assistance provided by Treasury last December, General Motors Corp.

Yesterday, the Big Three U.S. auto chief executives submitted restructuring plans to the Senate Banking Committee and the House Financial Services Committee, in response to House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid’s November 21st request calling on the auto executives to “submit a credible restructuring plan that results in a viable industry, with quality jobs, and economic opportunity for the 21st century while protecting taxpayer investments” by December 2nd.