gm bankruptcy

2008 was one crazy, almost surreal year. It was the year when the economy took a nosedive, and the U.S. auto industry nearly ceased to exist. One of the last major decisions former President Bush made before he left office was to give Chrysler and General Motors a combined $17.4 billion to keep ...

"The president is going to go after me. I'll go after him." That pretty much sums up every presidential race in recent memory, where it seems attacking the opposing side is just as important as proving your own personal worth. And the 2012 U.S. presidential election, unsurprisingly, is shaping up ...

After 103 years of stratospheric heights and immeasurable lows, General Motors Corp. has died. Motors Liquidation Co., or "Old GM," as it became known during the 2009 bankruptcy reorganization, was quietly dissolved on Thursday, Dec. 15, taking the company's bad debts and liabilities along with ...

A special trust called RACER was created last year to clean up 89 contaminated sites left behind by the old General Motors in 14 states. According to a report in the Detroit Free Press, GM was meant to provide $625.2 million (an earlier report in the Detroit News indicated $773 million) to pay for ...

General Motors has been given the go-ahead to begin selling off the remaining old GM assets as part of the automaker's restructuring plan. According to The Detroit News, a federal bankruptcy judge approved the plan after a day-long hearing. Judge Robert E. Gerber is expected to issue a written ...

New York Attorney General Andrew Cuomo has announced that his office settled with former White House Task Force "Car Czar" Stephen L. Rattner for $10 million. The agreement comes following charges that Rattner engaged in a kickback scheme involving New York's pension funds while he was an ...

Attention is focused on the new General Motors, but behind the scenes the dismantling of the old GM, now known as Motors Liquidation Co., continues. Last week another auction was held in a series of highest-bidder events going back to September of 2009. The Livonia engine plant, home of Northstar ...

The federal government spent roughly $86 billion in taxpayer money to bail out the auto industry. That's a lot of Monopoly money, folks, and when the industry we know and love was at its weakest point, early projections suggested that that the U.S. government and American taxpayers would never ...

New General Motors CEO Dan Akerson's first bit of big news isn't exactly good news: paying back the taxpayer for loans during GM's dark days is going to take years. How many years remains uncertain, with Akerson saying the company's performance will be the test, since repaying the government in a ...

When General Motors announced a couple of weeks ago that it had completed the arbitration process with all of its discontinued dealers, the automaker no doubt hoped that its painful retail shrinkage process was over. But sadly, it was not to be – Rally Auto Group of Palmdale, CA, is ...