Bailout

U.S. unloads $570 million in GM shares

8:56 am U.S. ET | Oct. 11, 2013
The U.S. Treasury said it sold another $570.1 million worth of GM common stock last month as it moved toward exiting its holdings in the company by the end of March 2014.... Read More »

 

GM pays $50 million to end lawsuit over 2009 hedge fund deal

1:24 pm U.S. ET | Oct. 1, 2013
General Motors has agreed to pay $50 million to end long-running litigation over a secretive deal that was struck on the eve of the automaker's 2009 bankruptcy that critics said favored hedge funds.... Read More »

 

U.S. Treasury cuts stake in GM to 7.3%

10:16 am U.S. ET | Sept. 18, 2013
The federal Treasury has sold another block of shares in General Motors, reducing its stake to 7.3 percent as it moves toward exiting its holdings in the automaker by the end of March.... Read More »

 

GM rightly favored Delphi UAW pensions over salaried, Rattner says

10:13 am U.S. ET | Sept. 11, 2013
Steven Rattner, the former auto czar who led the government bailout of General Motors and Chrysler, says GM was right to boost pensions of hourly retirees at Delphi while cutting off salaried retirees because it had previously fully funded the salaried retirees' pensions and needed to avoid angering the UAW.... Read More »

 

Lawrence Summers, key player in auto bailout, now candidate for Fed chairman

11:04 am U.S. ET | Aug. 22, 2013
Forged in the crucible of the worst economic meltdown in eight decades, President Obama's trust in Lawrence Summers -- one of the key players in the administration's auto bailout -- is the main reason why he's one of two leading contenders to be the next Fed chief even as some lawmakers bristle at his abrasive manner and his ties to the financial industry.... Read More »

 

Berkshire Hathaway, other big investors hike GM stakes

10:11 am U.S. ET | Aug. 15, 2013
Harris Associates, State Street and Berkshire Hathaway led purchases of GM stock last quarter as the U.S. government continued selling the company's shares and GM rejoined the Standard & Poor's 500 Index.... Read More »

 

GM was urged by U.S. to improve Delphi hourly worker pensions, watchdog says

3:54 pm U.S. ET | Aug. 15, 2013
The United States government urged General Motors to improve pensions of some Delphi Automotive union retirees while cutting those of salaried workers to help ensure a speedy emergence from a GM bankruptcy, the watchdog of the Troubled Asset Relief Program said.... Read More »

 

U.S. Treasury sells another $877 million in GM stock

3:05 pm U.S. ET | Aug. 13, 2013
The Department of Treasury continues to divest its shares in General Motors, following its pledge last December that it would fully divest from its investment in GM within 12-15 months. The Treasury received total net proceeds of about $877 million from sales of GM common stock in July, the department's monthly report to Congress said.... Read More »

 

Canada seeking bankers for sale of GM stake, report says

2:06 pm U.S. ET | Aug. 1, 2013
Canada's government has begun a search for investment banks to sell its stake in General Motors, a person familiar with the matter told Bloomberg. The government hasn't decided on the timing of any sale, said the person, who asked not to be identified because the plans aren't public.... Read More »

 

Ally’s 2nd-qtr. loss widens on mortgage woes; auto lending profitable

10:14 am U.S. ET | July 31, 2013
Ally Financial's losses widened to $927 million in the second quarter, mostly related to its former mortgage subsidiary, but its core auto finance business posted a pretax profit on continuing operations of $382 million, down 13 percent from a year earlier.... Read More »

 

Saab's U.S. liquidation plan earns court approval

10:21 am U.S. ET | July 17, 2013
The bankrupt arm of Swedish automaker Saab Automobile AB in the United States has gained court approval of a plan to liquidate and pay back creditors, effectively ending its bankruptcy.... Read More »

 

Old GM creditors to mediate dispute over $3 billion in claims

1:39 pm U.S. ET | June 28, 2013
Creditors of General Motors' old assets in bankruptcy will start settlement talks with various Wall Street hedge funds over $3 billion in disputed claims.... Read More »

 

Ally's $2.1 billion payment to ResCap gets court's OK

7:50 am U.S. ET | June 27, 2013
A federal bankruptcy judge on Wednesday approved a settlement in which the government-owned Ally Financial, formerly the finance arm of General Motors, will pay $2.1 billion to its bankrupt mortgage unit Residential Capital.... Read More »

 

Fiat can triple its Chrysler dividend after refinancing, report says

2:35 pm U.S. ET | June 21, 2013
Fiat stands to earn three times as much from a Chrysler Group dividend this year after the American carmaker refinanced debt and changed the terms attached to the funding, people familiar with the matter told Bloomberg.... Read More »

 

GM share sale highlights U.S. auto revival as an economic pillar

9:13 am U.S. ET | June 6, 2013
The Obama administration's decision to sell more of its stake in General Motors underscores the resurgence of a domestic auto industry that emerged from near-collapse to become a pillar of economic growth.... Read More »

 

U.S. Treasury to sell 30 million more GM shares

9:31 am U.S. ET | June 5, 2013
The federal Treasury Department said it plans to sell 30 million additional shares of General Motors common stock in an offering that will also include 20 million shares from the UAW union's GM retiree health-care trust.... Read More »

 

GM's inclusion on the S&P 500 marks another step in recovery

10:08 am U.S. ET | June 4, 2013
General Motors, four years after being kicked out of the Standard & Poor's 500 Index, will heal another wound of the financial crisis when it rejoins the benchmark gauge for American equities this week.... Read More »

 

Mitsubishi Motors plans to reduce capital to offset losses

May 24, 2013 09:04 CET
Mitsubishi plans to reorganize its capital to help unload the worst accumulated losses in the automotive industry. The company has been seeking to restore confidence in its cars for more than a decade after saying it covered up safety defects and customer complaints, alienating consumers to the point that it required a bailout in 2005.... Read More »

 

Tesla and Chrysler trade barbs about paying back Uncle Sam

3:34 pm U.S. ET | May 23, 2013
Tesla CEO Elon Musk took to Twitter today to respond to Chrysler's barb that Tesla wasn't the first American automaker to repay the federal government for aid.... Read More »

 

2 congressmen ask Treasury for details on 2008-09 dealership closures

2:36 pm U.S. ET | May 21, 2013
Two congressmen -- one a former Ohio auto dealer and the other a Pennsylvania new- and used-car dealer -- have asked the U.S. Treasury Department to release materials detailing how General Motors and Chrysler dealerships were selected for closure during the 2008-09 restructuring.... Read More »

 

U.S. Treasury plans to sell remaining GM stake

2:31 pm U.S. ET | May 6, 2013
The Treasury Department said today it will begin another round of sales of the GM stock it acquired during the government's bailout of the automaker.... Read More »

 

GM redemption seen culminating in return to S&P 500 Index

11:45 am U.S. ET | May 1, 2013
As the Treasury sells off its shares of General Motors, the automaker is likely to return to the Standard & Poor's 500 Index in the next year, passing another milestone in its redemption. Getting back into the S&P 500 would help U.S. taxpayers expedite their exit from the company, likely boost GM stock in the short term and help support the shares in the long run as well.... Read More »

 

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