DETROIT (Reuters) -- General Motors filed for Chapter 11 bankruptcy today, capping an eight-month saga that began with a rejection of the possibility as "exaggerated."
Oct. 10, 2008: GM responds to an analyst's forecast of a potential bankruptcy by saying: "Bankruptcy protection is not an option GM is considering. Bankruptcy would not be in the interests of our employees, stockholders, suppliers or customers, and we believe speculation about a possible filing is exaggerated and unconstructive."
The analyst, Standard & Poor's Robert Schultz, had said "macro factors could overwhelm" GM's turnaround efforts.
Nov. 7: GM reports its fifth straight quarterly loss, warns it may run out of cash in early 2009.
Nov. 21: Congressional leaders rebuff aid pleas by GM CEO Rick Wagoner, along with his counterparts at Chrysler LLC and Ford Motor Co., demanding they submit restructuring plans by Dec. 2 to have their requests reconsidered.
Dec. 19: After the Senate rejects a House approval for aid, the Bush administration promises GM $13.4 billion in emergency government loans to stave off bankruptcy. The funds, from the $700 billion Troubled Asset Relief Program, come with a March 31 deadline for GM to prove its viability.
Jan. 15, 2009: GM says it expects U.S. auto sales in 2009 to drop to their lowest level in 27 years.
Feb. 17: GM requests up to $16.6 billion in additional federal loans, for a total of up to $30 billion, and says it will run out of cash by March without new funding. It says it will work to reduce $48 billion in debt and cut its global work force by 47,000 jobs this year. GM also says it will shut five U.S. plants and 20,000 U.S. jobs by 2012.
March 12: GM says it can survive without the $2 billion advance it had requested to get through March while it revises its restructuring plans.
March 29: Wagoner resigns under pressure from the Obama administration.
March 30: President Obama orders GM and Chrysler to accelerate restructuring efforts and brace for possible bankruptcy, saying neither has done enough to justify the taxpayer money they seek. GM has 60 days to rework its survival plan. New CEO Fritz Henderson says a court-supervised restructuring in bankruptcy might be necessary.
April 23: GM says it will idle 13 plants for up to nine weeks this spring and summer to cut its inventory and avoid the risk of an "uncontrolled shutdown" at bankrupt former parts subsidiary Delphi Corp.
April 24: GM draws an extra $2 billion in government aid.
April 27: GM offers the government its final plan to reorganize outside bankruptcy by slashing about 90 percent of its bond debt, shedding about half of its 6,200 dealerships by 2014 and shutting three additional plants. The U.S. government would own 51 percent of the company, the union 39 percent and bondholders 10 percent. The automaker says it will phase out Pontiac by the end of 2010 and stop producing Saturn models as soon as the end of this year. A sale of the Hummer SUV brand is still a "reasonable likelihood," Henderson says.
May 11: Henderson says bankruptcy is "more probable."
May 15: GM tells 1,124 dealerships it doesn't plan to renew their franchise agreements when they expire in October 2010.
May 21: The UAW says it has a deal with GM. Terms revealed later show the union will accept stock and new debt in place of half the $20 billion GM owes its health care trust. The accord, approved by members a week later, includes the automaker's taking control of five plants owned by Delphi. It also cuts the union's proposed stake in the restructured automaker by more than half, to 17.5 percent.
May 23: GM gets another $4 billion in loans from the U.S. Treasury.
May 25: The Canadian Auto Workers union says its members voted to cut GM's Canadian labor costs to about C$57 ($50.90) an hour, a reduction of as much as C$23 counting previously agreed-to reductions.
May 27: GM says its bondholders have rejected an offer of a 10 percent stake in the company in exchange for wiping out $27 billion in bond debt.
May 28: Obama administration officials say the U.S. will inject an additional $30 billion into GM on top of the $19.4 billion the government has already lent it in a new offer to bondholders. The offer, later approved, calls for them to get a 10 percent equity stake in the new company along with warrants to buy an additional 15 percent share. The federal loan would be converted to equity, with $8 billion of the total U.S. funds to be repaid by GM and the government initially holding a 72.5 percent stake in the new company. That could shrink to 55 percent if bondholders exercise warrants and the UAW takes advantage of its rights to buy 2.5 percent more of GM's equity.
June 1:GM files for bankruptcy protection, 100 years and 258 days after its founding.
Chrissie Thompson and Neil Roland contributed.