2008 Financial Crisis.docx - 2008 Financial Crisis GM FORD FCA After years of losses the troubled automaker is forced into bankruptcy GM is set to close

2008 Financial Crisis.docx - 2008 Financial Crisis GM FORD...

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2008 Financial Crisis GM, FORD, FCA After years of losses, the troubled automaker is forced into bankruptcy. GM is set to close a dozen facilities and cut more than 20,000 jobs. The bankruptcy is likely to lead to major changes and job cuts at the battered automaker. But President Obama and GM CEO Fritz Henderson both promised that a more viable GM will emerge from bankruptcy. In the end, even $19.4 billion in federal help wasn't enough to keep the nation's largest automaker out of bankruptcy. The government will pour another $30 billion into GM to fund operations during its reorganization. U.S. Judge Robert Gerber, the bankruptcy judge will oversee GM's bankruptcy, ruled Monday that GM will have access to $15 billion in government funds immediately. He will make a final ruling on bankruptcy financing approval on June 25. The U.S. government bailout of the auto industry lasted from January 2009 to December 2013. The Big Three automakers approached Congress in November 2008. They warned that, without the bailout, GM and Chrysler faced bankruptcy and the loss of one million jobs. Ford
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