TIMELINE: GM emerges from bankruptcy

Fri Jul 10, 2009 4:03pm BST
 
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(Reuters) - A new General Motors emerged from bankruptcy protection on Friday, far more quickly than most industry-watchers had expected, as a leaner automaker aiming to win back American consumers and pay back taxpayers.

Here is a timeline of GM's recent struggles:

October 23/24, 2008 - General Motors and Chrysler, which at the time were discussing a merger, pledge to cut jobs and close plants as the downturn in auto sales deepens.

December 19 - The United States announces a $17.4 billion lifeline to Detroit carmakers from the $700 billion Troubled Asset Relief (TARP) program. GM is to receive $13.4 billion and Chrysler $4 billion. Ford says it does not need a loan.

February 17, 2009 - GM and Chrysler request nearly $22 billion in additional U.S. government loans.

March 19 - The U.S. Treasury pledges $5 billion to aid auto suppliers crucial to the survival of the industry.

March 29 - GM Chief Executive Rick Wagoner resigns.

March 30 - Canada offers C$4 billion ($3.2 billion) in bridge loans to the Canadian branches of GM and Chrysler.

-- Russia pledges over $1 billion to its auto industry.  Continued...

 

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