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.

Yesterday, the Special Inspector General for the Trouble Asset Relief Program (SIGTARP) released a report criticizing the Treasury Department’s role in the accelerated closure of hundreds of GM and Chrysler dealerships.

Yesterday Treasury released "guidance on its role in the exploration of a possible initial public offering of the common stock of General Motors Company." Under the Troubled Asset Relief Program, Treasury acquired 60.8% of GM's common stock and $2.1 billion of its preferred stock in connection with GM's restructuring last summer.

After holding a hearing on the topic this past July, the Congressional Oversight Panel (COP) released a report earlier this week entitled, “The Use of TARP Funds in Support and Reorganization of the Domestic Automotive Industry,” examining how TARP funds have been used to support and reorganize both

Yesterday, the House Judiciary Committee’s Subcommittee on Commercial and Administrative Law concluded its series of hearings on the ramifications of auto industry bankruptcies. Testifying before the committee were:

Panel I: