By Besta Shankar: Subscribe to Besta's RSS feed
August 19, 2010 12:17 PM EDT
General Motors Co filed for an initial public offering late Wednesday afternoon with the U.S. Securities and Exchange Commission, beginning the move to step away from the U.S. government's aid.
The following are key events before and after GM’s bankruptcy
June 2008 -- GM announces closing four large truck plants by 2010 due to declining sales. It puts Hummer brand under strategic review for sale.
July 2008 -- Plagued by sales collapse in US and three years of losses, GM suspends stock dividend, cut salaries of workers by 20 percent and plans to sell assets to raise at least $15 billion in 18 months after the announcement.
October 2008 -- GM and Chrysler LLC hold talks on merger of two companies as both of them struggle to cut down costs and raise cash.
Follow us
Nov 2008 -- GM drops the plan in November to focus on its immediate liquidity challenges. GM also warns running out of money to operate by 2009 and pleads for government aid. GM expects bankruptcy in case of failing to any get support from US government.
Dec 2008 -- GM pleads for immediate aid $4 billion from the Congress as it expects running out of money to pay its monthly bills for December. Besides, the company seeks $18 billion bailout from the government and President George W. Bush administration responds giving an aid of $17.4 billion in low-interest loans to GM and Chrysler.
Feb 2009 -- GM announces reducing its global work force by about 10,000, or 14 percent in 2009. It also plans pay cuts on many remaining white-collar workers in US as a part of restructuring carried according to the terms of bailout by US government.
Feb 17, 2009 -- GM asks US government to raise funding to $30 billion in total, announces plans to cut 47,000 jobs globally by the end of 2009 and close five U.S. plants by 2012.
Feb 26, 2009 -- GM posts record loss of $30.9 billion in 2008.
March 30, 2009 -- US government replaces CEO Rick Wagoner with Fritz Henderson who was COO of GM and given him 60 days to restructure the company.
April 17, 2009 -- GM says it is accelerating preparations for a possible bankruptcy filing.
April 22, 2009 -- GM says it is unlikely to make a US$1-billion debt payment due on June 1 as it expects to be in the process of restructuring its debt through a voluntary exchange or bankruptcy court.
April 27, 2009 -- Fritz Henderson says that GM would file for bankruptcy protection in case an offer to exchange bonds for company equity fails to cut $27 billion in bond debt.
Curt Schilling Fires Entire Staff in ‘Non-Voluntary’ Layoffs at Video Game Company 38 Studios
Memorial Day Sales 2012: 25 Best Deals, Discounts And Bargains Online And In Stores For MDW Holiday Weekend
Facebook, ‘Titanic' Of IPOs, Could Poison Tech Company Pipeline
HP’s WebOS Enyo Team Leaving Company To Join Google: Report
Groupon Takes Aim At PayPal With Payment ServiceWe value your privacy. Your email address will not be shared.
