Tag Archives: gm bankruptcy

Treasury Selling More GM Common Stock

The U.S. Department of the Treasury today announced that it would sell another 30 million shares of General Motors Company common stock in a public offering in conjunction with GM’s return to the S&P 500 index. Continue reading

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Treasury Now Selling More General Motors Stock at a Loss

The U.S. Department of the Treasury announced today that it is starting to sell its 300.1 million remaining shares of General Motors common stock with the initiation of a pre-arranged written trading plan. Under the unpublished plan, Treasury will proceed with its December 2012 announcement that it will sell its GM shares “in an orderly fashion” and fully exit its remaining GM investment within the next 12-15 months, subject to market conditions. Continue reading

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Ally Financial to Sell Mexican Insurance Business

Ally Financial today announced that it has reached an agreement to sell its Mexican insurance business, ABA Seguros, to the ACE Group, one of the world’s largest multi-line property and casualty insurers. ABA Seguros is the fourth largest insurer in the Mexican auto insurance market, and the transaction has a purchase price of $865 million in cash.

The latest move to fix the balance sheet of the former finance arm of General Motors comes a week after the announcement that Ally will make a payment of approximately $134 million, or $1.125 per share, to the U.S. Treasury next month. U.S. taxpayers have invested $17.2 billion in keeping Ally in business as a bank holding company after improvident home mortgages made it bankrupt under the Bush market crash. Continue reading

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Milestones: GM Tonawanda Builds 4.2 Million Ecotec Fours

The General Motors Tonawanda Engine Plant has built its final 2.4-liter Ecotec four-cylinder engine, 13 years after production began in 1999. Since the New York State GM plant opened in 1938, more than 70 million engines have been assembled there. Continue reading

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Ex President George Bush Endorses Federal Auto Bailouts

Former President George W. Bush received large ovations as he addressed the National Automobile Dealers Association Convention yesterday in Las Vegas. Bush’s message on the controversial government bailouts of the U.S. auto industry was simple “I’d do it again,” he told standing-room-only crowd of mostly affluent auto dealers. Continue reading

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The Film – Chevy 100, An American Story – Debuts in Detroit

Do not confuse this Chevy 100 infomercial with other serious documentaries sponsored by GM and produced by Ken Burns during his long association with the largest automaker in the U.S. Chevy 100 lacks an organizing theme – other than it’s time to sell more Chevrolets. Instead, Chevy 100 is comprised of sporadic observations along with snapshots of the history of the brand, supplemented with large amounts of quick-cut contemporary footage from collectors clubs and fawning owners. Be forewarned, you will not see the history of Chevrolet, or the history of the automobile in U.S.A. that Chevrolet is such a significant part of, given justice in this treatment. Continue reading

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Milestones: Chevrolet Officially Celebrates 100 Years

Chevrolet is officially recognizing its 100th birthday today by offering deals across the United States. The latest birthday or rather marketing activity ends a year-long Chevy Centennial celebration that began last January at the North American International Auto Show in Detroit. Chevrolet’s history is tangled, and its beginnings were subject to Wall Street maneuverings that are wearily similar to recent financial history. Continue reading

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Ron Bloom Resigns as Assistant to the President for Manufacturing Policy. Was Key Player in Auto Bailouts

Bloom was part of a team headed by Stephen Rattner at the U.S. Treasury Department that was responsible for forcing drastic bankruptcy restructurings and CEO firings at General Motors and Chrysler as they were on the verge of being liquidated in 2009. Continue reading

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