GM Generali

Generali (AQEU:GM)
Historical Stock Chart

From Jul 2019 to Jul 2024

Following are key dates in the recent events leading to Monday's expected bankruptcy filing by General Motors Co. (GM):

Nov. 18, 2008: The chief executives of GM, Ford and Chrysler testify in the first of two hearings in Congress. GM and Chrysler warn they could run out of funds without help, and all three executives ask for a combined $25 billion in aid. Lawmakers grill them for business mistakes and for flying to Washington on corporate jets. The executives' performances are later panned on comedy shows such as Saturday Night Live.

Nov. 20: Congressional efforts to rescue the auto makers collapse, as lawmakers say the industry lacked credible plans to return to profitability. Democratic leaders tell GM and Chrysler to submit turnaround plans by Dec. 2.

Dec. 4: The CEOs return to Congress with turnaround plans but again face skepticism. Their request for aid jumps to $34 billion, though Ford asks for a line of credit rather than a term loan.

Dec. 11: A second, final attempt to secure a relief package fails in the Senate, due to a sharp partisan dispute over wages paid to workers at the auto makers. Democratic leaders urge the Bush White House to use Wall Street rescue funds on the auto makers to avert what experts said would be a catastrophic collapse of the auto sector.

Dec. 12: As the nation's economic outlook darkens, Bush relents, saying he will consider using the Troubled Asset Relief Program on the auto makers. He later commits a combined $17.4 billion to GM and Chrysler.

Feb. 17: Obama appoints auto industry task force that includes Wall Street financier Steven Rattner as a top adviser. The task force spends weeks consulting company executives, creditors, union officials and industry experts on industry restructuring.

March 5: GM's auditor raises "substantial" doubt about the car maker's ability to keep going. GM's share price falls 36% that week to $1.45.

March 19: The Treasury Department announces a $5 billion program to aid struggling auto-parts suppliers, fearing that many are in danger of falling into bankruptcy court.

March 29: The Obama administration announces the forced resignation of GM chief executive Rick Wagoner. Fritz Henderson takes over as CEO.

March 30: Obama, rejecting restructuring plans by GM and Chrysler, sets new deadlines for the companies to reach stakeholder agreements and prove their viability.

April 30: Chrysler LLC files for bankruptcy protection. Fiat would take a 20% stake in Chrysler, which could rise to 35%. The U.S. government would provide Chrysler up to $3.5 billion to operate during the bankruptcy period and $4.5 billion in exit financing. The U.S. Treasury would hold an 8% equity stake.

May 29: The United Auto Workers union ratifies a new labor agreement with GM that includes concessions and provides the union at least a 17.5% stake in the new GM through its retiree health care fund.

May 30: GM bondholders accept a Treasury-backed offer to trade up to $27 billion in debt for a 10% equity stake in a new GM.

-By Josh Mitchell, Dow Jones Newswires, (202) 862-6637, joshua.mitchell@dowjones.com