Word: gm
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Dates: during 2000-2009
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...David Cole, head of the Center for Automotive Research in Ann Arbor, Mich., notes that despite the bankruptcy, GM still holds the top spot in the U.S. car market, with 20% of the market, down from more than 40% in the late 1970s and just ahead of Toyota and Ford. In addition, the new labor contracts with the United Auto Workers have helped GM trim costs by $5,000 per vehicle with changes in health care benefits and work rules. The work rules have been whittled down, giving GM's managers more flexibility and control than they...
...GM plans to start paying back its government loans this month. Repaying the direct government loans well ahead of the 2015 date contemplated by the Treasury Department when it helped GM reorganize during the bankruptcy is the first step toward an initial public offering of stock in the new GM. While GM received more than $50 billion in federal aid, only about $6.2 billion will be repaid in cash; the U.S. Treasury agreed to take stock in lieu of cash for much of the remainder, which gave the government a 60.8% stake in the new GM. Earlier this week, Treasury...
...GM does not foresee any more big layoffs in the U.S, even though the company posted a net loss of $1.2 billion during the third quarter, including special charges related to the shutdown of more than 2,000 dealerships across the U.S., support for suppliers and special employee-attrition programs at GM operations in Europe and Australia. Despite the bankruptcy, GM also owes $17 billion to governments in the U.S., Canada and Europe that supported the company during the crisis last winter. The $17 billion debt does not include $3.2 billion in notes or preferred stock that GM also owes...
...With profits still elusive, one of the criteria for judging success used by Whitacre is market share, and by that measure, GM did improve in the third quarter, as its global share increased to 11.9%, up 0.3 percentage points from the first half of the year. "I took the job with a serious level of skepticism," Whitacre noted in a recent speech in Texas. "Some five months later, I am very pleased to report that my skepticism is giving way to optimism, little by little, day by day. We are much better positioned for success than I thought possible...
...milestones on the road to GM's bankruptcy...