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1908 GM founded in Flint, Michigan 1919 GM creates captive finance arm, GMAC 1929 GM buys 80 percent stake in European Adam Opel AG 1937 After a bitter strike, GM recognizes the United Auto Workers (UAW) as the bargaining representative for its hourly workers 1971 GM buys 34.2 percent of Isuzu Motors Ltd. GM raises stake to 49 percent in 1998 and later sells it 1981 GM buys about 5 percent of Suzuki Motor Corp. It raises the stake to 20 percent in 2000 and later sells all but 3 percent 1981 GM and Toyota Motor Corp form a joint venture, known as NUMMI, to build cars in Fremont, California 1986 GM acquires British sports car maker Lotus. It sold Lotus in 1993 1990 GM buys a 50-percent stake in Sweden's Saab and purchases the remaining half a decade later 1990 GM launches Saturn 1998 A 56-day strike at GM's Flint stamping operations shuts all of GM's North American assembly plants 1999 GM buys 20 percent of Subaru-maker Fuji Heavy Industries Ltd. GM later sells all of the stake
GM HISTORY
1999 -GM spins off parts maker Delphi Corp. Delphi's U.S. operations
2000 -GM decides to kill the Oldsmobile brand 2000 -GM buys 20 pct of Italy's automaker Fiat for $2.4 bln in GM stock. The deal includes a "put" option that gives Fiat SpA the right to force GM to buy the remainder of the Italian automaker. 2002-GM signs deal to buy most of Daewoo Motor Co 2005 -GM pays $2 billion to Fiat to cancel "put" option under its deal and buy its way
GM HISTORY
Dec 2 08 -GM seeks U.S. government aid of up to $18 billion Dec 19, 08-GM and Chrysler granted $17.4 billion in government loans Jan 21, 09 -Toyota Motor Corp surpasses GM as the world's largest automaker for the first time. Feb 5, 09 -GM announces plan to slash its global salaried workforce by about 10,000, or 14 percent, and cut the pay of most remaining white collar U.S. workers. Feb 17, 09-GM raises U.S. funding request to a total of $30 billion, announces plans to cut global workforce by 47,000 and close five U.S. plants by 2012 Feb 26, 09 -GM posts 2008 loss of $30.9 billion March 5, 09-GM's auditors raise "substantial doubt" about its ability to survive outside bankruptcy. March 30, 09-GM Chief Executive Rick Wagoner ousted by U.S. government, replaced by Chief Operating Officer Fritz Henderson. Company given 60 days to develop new restructuring plan April 17, 09 -GM says readying detailed plans for bankruptcy filing as it races to complete a business plan under federal oversight April 22, 09 -GM says unlikely to make a $1 billion debt payment due June 1.
GM HISTORY
May 5, 09 -GM details plans to all but wipe out the holdings of remaining shareholders by issuing up to 60 billion new shares in a bid to pay off debt to the U.S. government, bondholders and the UAW. May 7, 09 -GM posts a first-quarter net loss of $6 billion and a cash burn of $10.2 billion. May 15, 09-GM announces plans to drop 1,100 of its smaller, less-profitable dealerships. May 21, 09 -GM announces a new cost-saving labour agreement with the UAW, under which UAW-aligned healthcare trust will receive half of the $20 billion debt GM owes the fund in the form of stock and new debt, instead of cash. May 22, 09 -GM borrows another $4 billion from the U.S. Treasury and reaches deal with Canadian auto workers. May 27, 09 -GM's offer to exchange $27 billion in bond debt for a 10 percent stake in a reorganized company fails. May 28, 09 -GM and the U.S. Treasury make new equity exchange offer under which bondholders would be offered 10 percent of a reorganized company and given warrants to purchase another 15 percent.
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