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. Aug. 18 — GM files initial paperwork to sell its stock to the public, its first step toward ending government ownership. Nov. 10 — Reports a third-quarter profit of $2 billion. Nov. 18 — GM sells shares for $33 in an initial public offering. The government recoups $13.5 billion of its $50 billion in loans but retains a 26.5 percent stake in the company. Dec. 15 — GM buys $2.1 billion of its preferred stock from the government. Continued... |