The resulting agreement is tough but fair , and has garnered broad support from GM’s major stakeholders: The newly organized GM will purchase substantially all of the assets of the old GM needed to implement its business plan out of a chapter 11 in exchange for the U.S. Government relinquishing the majority of its loans to GM. General Motors is home to Buick, Cadillac, GMC and Chevrolet. Family members place pictures of their loved ones on the committee wall before the hearing on Capitol Hill. Welcome to the West Wing Week, your guide to everything that's happening at 1600 Pennsylvania Avenue. • The GM qualified pension plans for both hourly and salaried employees will be transferred to the New GM as part of the purchase process. Family members arrive at the news conference. Consistent with the goal of clearly limiting the government’s role as a reluctant equity owner but careful steward of taxpayer resources, the Obama Administration has established four core principles that will guide the government’s management of ownership interests in private firms. The President made clear throughout this process that every one of the Company’s stakeholder would be expected to sacrifice, and that none would receive special treatment because of the involvement of the government. Before the restructuring, GM’s breakeven point was in excess of 16 million annual car sales. For the better part of a century, The General Motors Corporation has been one of the most recognizable and largest businesses in the world. 2014 to 27 million in the United States, nearly 30 million worldwide. Between 1914 and 1996, GM assembled automobiles at west parcel of the site in two manufacturing buildings (the Body Plant and the Chassis Read the latest blog posts from 1600 Pennsylvania Ave, Check out the most popular infographics and videos, View the photo of the day and other galleries, Tune in to White House events and statements as they happen, See the lineup of artists and performers at the White House, Eisenhower Executive Office Building Tour, West Wing Week 6/10/16 or, "Where’s My Music?”, Stronger Together: Your Voice in the Workplace Matters, DOT Helps States, Local Communities Improve Transportation Resilience. At General Motors, innovation is our north star. For small businesses seeking direct relief from COVID-19, CLICK HERE to learn more about Paycheck Protection Loans. DETROIT and TORRANCE, Calif. , Sept. 3, 2020 /PRNewswire/ -- General Motors and Honda to explore sharing vehicle platforms and propulsion systems for a variety of core segments Combined efforts would enable both companies to accelerate innovation and more effectively deploy resources … The Company has also secured commitments of meaningful sacrifice from all of its major stakeholder groups , sacrifices sufficient for this plan to proceed forward. General Motors. Chansuthus' daughter Hasaya died after a crash in December 2009. General Motors CEO Mary Barra is sworn in before the House Energy and Commerce Committee on Tuesday, April 1, in Washington. GM announces that Dhivya Suryadevara will be its new chief financial officer starting September 1. GE's Advanced Gas Path (AGP) is a great example of Power FlexEfficiency at work, setting new standards in performance. Find the latest news about GM automotive innovations, investor relations and more. This will allow the company the financial stability to weather future market downturns and generate significant excess free cash flow to invest in the business. The VEBA will be funded by a note of $2.5 billion payable in three installments ending in 2017 and $6.5 billion in 9% perpetual preferred stock. of Inspector General (OIG), Treasury Inspector • This new GM will establish an independent trust (VEBA) that will provide health care benefits for GM’s retirees. Troubled Asset Relief Program (SIGTARP), Report, Network (FinCEN), Office of the Comptroller of Assuming the sale moves forward as expected, Pension Plan and VEBA funding will be transferred to New GM.

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