May 2009 timeline: Slide to GM bankruptcy

May 1

Automakers report that U.S. sales fell 34% in April, the smallest year-over-year decline in 6 months. General Motors sales dropped 33%; Chrysler LLC was down 48%. A day after filing for bankruptcy, Chrysler idles all of its U.S. plants, files a plan to close 8 factories permanently and says it expects to emerge from court protection within 60 days.

May 7

GM reports a $6 billion net loss and says it burned through $10.2 billion in the first quarter as revenue declined 47%.

May 12

GM shares fall to a 76-year low after 6 executives disclose that they sold their shares in the company.

May 14

Chrysler tells 789 of its 3,200 dealerships that their franchises are being terminated effective June 9.

May 15

GM notifies 1,124 U.S. dealerships that they must wind down within the next 11/2 years.

May 20

Robert Kidder, a private-equity investor, is selected to replace Bob Nardelli as Chrysler's chairman after it emerges from bankruptcy.

May 22

The U.S. Treasury Department puts $7.5 billion more into GMAC so that it can lend to Chrysler and GM customers and dealers.

May 23

GM borrows $4 billion more from the Treasury and reaches a cost-cutting deal with the Canadian Auto Workers.

May 29

GM hourly workers ratify contract concessions expected to save the company at least $1.2 billion a year.

June 1

GM files for bankruptcy protection and lists 14 plants that it plans to close. The White House says it will give GM $30.1 billion in bankruptcy financing in exchange for a 60% stake in the reorganized GM.



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