General Motors
| $50.7B Disbursed |
| $22.9B Returned |
| $694.2M Revenue to Gov't |
| $27.2B Net Outstanding |
| $50.7B Committed |
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General Motors' first loans came in mid-December of 2008, when Treasury Secretary Hank Paulson stepped in to rescue GM and Chrysler.
On June 1, 2009, GM filed for Chapter 11 bankruptcy protection. As part of the restructuring, the U.S. government agreed to provide the company up to $30.1 billion more. In exchange, the U.S. received a 60.8 percent stake in the company when it emerged from bankruptcy protection about a month later. The remainder of GM’s equity stake was divided between the Canada and Ontario governments (11.7 percent), the UAW retiree trust (17.5 percent), and bondholders and other creditors (10 percent). On Nov. 16, 2010, General Motors began to sell its shares on the stock exchange.
Events
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$435K Payback
Oct. 23, 2012 Partial Repayment
More info from www.treasury.gov -
$7M Payback
Jan. 11, 2012 Partial Repayment
More info from www.treasury.gov -
$19M Payback
Dec. 23, 2011 Partial Repayment
More info from www.treasury.gov -
$144K Payback
Dec. 16, 2011 Partial Repayment
More info from www.treasury.gov -
$16M Payback
May 3, 2011 Partial Repayment
More info from www.treasury.gov -
$45M Payback
Apr. 5, 2011 Partial Repayment
More info from www.treasury.gov -
$50M Payback
Mar. 31, 2011 Partial Repayment
More info from www.treasury.gov -
$47M Revenue
Dec. 15, 2010 Dividend - Cumulative
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$2B Payback
Dec. 15, 2010 Partial Repayment
Treasury accepted an offer by General Motors to repurchase all of the approximately $2.1 billion preferred stock at a price per share of $25.50, which is equal to 102% of the liquidation preference, subject to the closing of the proposed initial public offering of GM’s common stock. The repurchase was completed on 12/15/2010.
More info from www.financialstability.gov -
$2B Payback
Nov. 26, 2010 Partial Repayment
On 11/26/2010, the underwriters exercised their option to purchase an additional 53,782,019 shares of common stock from Treasury at the same purchase price resulting in additional proceeds of $1,761,495,577. The sale further reduced Treasury's equity stake in GM to 32.04 percent.
More info from www.financialstability.gov -
$12B Payback
Nov. 18, 2010 Partial Repayment
On 11/17/2010, Treasury agreed to sell 358,546,795 shares of common stock at $32.7525 per share (which represents the $33 public sale price less underwriting discounts and fees) pursuant to an underwriting agreement. Following settlement, the net proceeds to Treasury were $11,743,303,903. The sale reduced the Treasury's equity stake in GM to 36.9 percent.
More info from www.financialstability.gov -
$47M Revenue
Sep. 15, 2010 Dividend - Cumulative
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$47M Revenue
Jun. 15, 2010 Dividends payment
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$8M Revenue
Apr. 20, 2010 Dividends payment
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$5B Payback
Apr. 20, 2010 Partial Repayment
More info from www.financialstability.gov -
$83M Revenue
Apr. 12, 2010 Interest Payment
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$1B Payback
Mar. 31, 2010 Partial Repayment
More info from www.financialstability.gov -
$68K Revenue
Jan. 21, 2010 Interest Payment
More info from www.financialstability.gov -
$35M Payback
Jan. 21, 2010 Partial Repayment
More info from www.financialstability.gov -
$100M Revenue
Jan. 11, 2010 Interest Payment
More info from www.financialstability.gov -
$13M Revenue
Dec. 18, 2009 Interest Payment
More info from www.financialstability.gov -
$1B Payback
Dec. 18, 2009 Partial Repayment
More info from www.financialstability.gov -
$47M Revenue
Dec. 15, 2009 Dividend Payment
More info from www.financialstability.gov -
Oct. 22, 2009 TARP Chief for Exec Compensation Releases Findings
The Special Master for TARP Executive Compensation releases determinations on the compensation packages for the top 25 most highly paid executives at the companies that received "exceptional" assistance -- i.e. those that were bailed out in the strictest sense of the word: AIG, Bank of America, Citigroup, Chrysler, Chrysler Financial, General Motors, and GMAC.
More info from www.financialstability.gov -
$124M Revenue
Oct. 13, 2009 Interest Payment
More info from www.financialstability.gov -
$34M Revenue
Sep. 15, 2009 Dividend Paid
More info from www.financialstability.gov -
$144M Revenue
Jul. 15, 2009 Total Interest Paid Thru 7-09
More info from www.financialstability.gov -
$361M Payback
Jul. 10, 2009 Partial Repayment
More info from www.financialstability.gov -
Jul. 10, 2009 New GM Begins Operations
GM announces that its purchase of the company's good assets (and shedding of the bad) has been finalized and that it can begin operations as a new company.
More info from media.gm.com -
$7B Bailout
Jul. 10, 2009 Debt Obligation w/ Additional Note, Equity Interest
More info from www.financialstability.gov -
$23B Bailout
Jun. 3, 2009 Debt Obligation, Equity Interest
This is the amount of financing the government has announced it will provide to GM to carry it through bankruptcy.
More info from www.financialstability.gov -
Jun. 1, 2009 GM Files for Bankruptcy Protection
GM files for Chapter 11 bankruptcy. As part of the restructuring, the U.S. government agrees to provide the company up to $30.1 billion more. In exchange, the U.S. will receive a 60 percent stake in the company when it emerges from bankruptcy.
More info from www.propublica.org -
$361M Bailout
May 27, 2009 Debt Obligation w/ Additional Note
This loan is to guarantee GM's warranties as it moves through bankruptcy.
More info from www.financialstability.gov -
$4B Bailout
May 20, 2009 Debt Obligation w/ Additional Note
More info from www.financialstability.gov -
$2B Bailout
Apr. 22, 2009 Debt Obligation w/ Additional Note
More info from www.financialstability.gov -
$13B Bailout
Dec. 31, 2008 Debt Obligation w/ Warrants and Additional Note
More info from www.financialstability.gov -
$884M Bailout
Dec. 29, 2008 Debt Obligation
The Treasury exchanged this loan for a portion of GM's equity interest in GMAC. As a result of the exchange, Treasury holds a 35.4% common equity interest in GMAC.
More info from www.financialstability.gov -
Dec. 19, 2008 Auto Bailout Announced
The Treasury announces that it will make loans to General Motors and Chrysler to prevent bankruptcy. (More about the auto bailout here.)
More info from www.nytimes.com
| Date | Type | Amount | Program | Description |
|---|---|---|---|---|
| 10/23/2012 | Refund | $435,097 | AIFP | Partial Repayment |
| 01/11/2012 | Refund | $6,713,489 | AIFP | Partial Repayment |
| 12/23/2011 | Refund | $18,890,294 | AIFP | Partial Repayment |
| 12/16/2011 | Refund | $144,444 | AIFP | Partial Repayment |
| 05/03/2011 | Refund | $15,887,795 | AIFP | Partial Repayment |
| 04/05/2011 | Refund | $45,000,000 | AIFP | Partial Repayment |
| 03/31/2011 | Refund | $50,000,000 | AIFP | Partial Repayment |
| 12/15/2010 | Refund | $2,139,406,778 | AIFP | Partial Repayment |
| 12/15/2010 | Dividend | $47,192,797 | AIFP | Dividend - Cumulative |
| 11/26/2010 | Refund | $1,761,495,577 | AIFP | Partial Repayment |
| 11/18/2010 | Refund | $11,743,303,903 | AIFP | Partial Repayment |
| 09/15/2010 | Dividend | $47,192,797 | AIFP | Dividend - Cumulative |
| 06/15/2010 | Dividend | $47,192,797 | AIFP | Dividends payment |
| 04/20/2010 | Refund | $4,676,779,986 | AIFP | Partial Repayment |
| 04/20/2010 | Dividend | $8,184,365 | AIFP | Dividends payment |
| 04/12/2010 | Interest | $82,753,024 | AIFP | Interest Payment |
| 03/31/2010 | Refund | $1,000,000,000 | AIFP | Partial Repayment |
| 01/21/2010 | Refund | $35,084,421 | AIFP | Partial Repayment |
| 01/21/2010 | Interest | $68,220 | AIFP | Interest Payment |
| 01/11/2010 | Interest | $99,957,627 | AIFP | Interest Payment |
| 12/18/2009 | Refund | $1,000,000,000 | AIFP | Partial Repayment |
| 12/18/2009 | Interest | $12,833,333 | AIFP | Interest Payment |
| 12/15/2009 | Dividend | $47,192,797 | AIFP | Dividend Payment |
| 10/13/2009 | Interest | $123,983,051 | AIFP | Interest Payment |
| 09/15/2009 | Dividend | $34,083,686 | AIFP | Dividend Paid |
| 07/15/2009 | Interest | $143,526,108 | AIFP | Total Interest Paid Thru 7-09 |
| 07/10/2009 | Purchase | $7,072,488,605 | AIFP | Debt Obligation w/ Additional Note, Equity Interest |
| 07/10/2009 | Refund | $360,624,198 | AIFP | Partial Repayment |
| 06/03/2009 | Loan | $23,027,511,395 | AIFP | Debt Obligation, Equity Interest |
| 05/27/2009 | Loan | $360,624,198 | AIFP | Debt Obligation w/ Additional Note |
| 05/20/2009 | Loan | $4,000,000,000 | AIFP | Debt Obligation w/ Additional Note |
| 04/22/2009 | Loan | $2,000,000,000 | AIFP | Debt Obligation w/ Additional Note |
| 12/31/2008 | Loan | $13,400,000,000 | AIFP | Debt Obligation w/ Warrants and Additional Note |
| 12/29/2008 | Purchase | $884,024,131 | AIFP | Debt Obligation |
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