Key events in the fall and rise of General Motors

Published on NewsOK Modified: January 5, 2013 at 9:16 am •  Published: January 5, 2013
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A timeline of key events in the fall and revival of General Motors Co.

2008

Nov. 18 — The CEOs of GM, Ford and Chrysler ask for aid from Congress, citing the weak economy, plummeting sales and the collapse of the U.S. banking system.

Dec. 19 — President Bush approves $17.4 billion in loans for GM and Chrysler, citing an imminent collapse of the industry. President Obama eventually approves another $44.6 billion in aid for the companies.

2009

March 30 — GM CEO Rick Wagoner is forced to resign by the government.

April 30 — Chrysler files for bankruptcy protection.

June 1 — GM files for bankruptcy protection. Orion Assembly Plant is on a list of 12 plants it plans to close or idle.

June 11 — Chrysler leaves bankruptcy in a new partnership with Italian automaker Fiat SpA.

June 26 — GM says Orion will stay open and build a new small car that was originally scheduled to be built in China.

July 10 — GM emerges from bankruptcy protection. Becomes a private company with U.S. government as largest shareholder. Former AT&T head Ed Whitacre becomes board chairman.

Nov. 16 — GM reports a $1.2 billion loss from July bankruptcy exit through Sept. 30.

Dec. 1 — GM CEO Fritz Henderson is forced out after just eight months. Whitacre becomes CEO.

Dec. 31 — U.S. annual auto sales drop to 10.4 million, a 30-year low.

2010

Jan. 28 — Ford reports a $2.7 billion profit for 2009, its first annual profit in four years. Ford didn't take government bailout money but funded restructuring with a $26 billion loan.

April 21 — GM repays $8.1 billion of loans to U.S. and Canadian governments.

May 17 — GM reports first-quarter earnings of $865 million, its first quarterly profit since 2007.

Aug. 12 — Whitacre steps down. Board member Daniel Akerson becomes CEO.



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