Description
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 July 10. The remainder of GM’s equity stake is divided between the Canada and Ontario governments (11.7 percent), the UAW retiree trust (17.5 percent), and bondholders and other creditors (10 percent).
You can see the full tally of the auto industry bailout here.
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