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General Motors Bankruptcy
The 2009 General Motors Chapter 11 sale of the assets of automobile manufacturer General Motors and some of its subsidiaries was implemented through Chapter 11, Title 11, United States Code in the United States bankruptcy court for the Southern District of New York. The United States government-endorsed sale enabled the NGMCO Inc.GM 363 Asset Sale Approved by U.S. Bankruptcy Court July 6, 2009. Accessed September 8, 2012. ("New GM") to purchase the continuing operational assets of the old GM. Normal operations, including |
Chapter 11, Title 11, United States Code
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. In contrast, Chapter 7 governs the process of a liquidation bankruptcy, though liquidation may also occur under Chapter 11; while Chapter 13 provides a reorganization process for the majority of private individuals. Chapter 11 overview When a business is unable to service its debt or pay its creditors, the business or its creditors can file with a federal bankruptcy court for protection under either Chapter 7 or Chapter 11. In Chapter 7, the business ceases operations, a trustee sells all of its assets, and then distributes the proceeds to its creditors. Any residual amount is returned to the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
OTCBB
The OTC (Over-The-Counter) Bulletin Board or OTCBB was a United States quotation medium operated by the Financial Industry Regulatory Authority (FINRA) for its subscribing members. FINRA closed the OTCBB on November 8, 2021. The board was used for many over-the-counter (OTC) equity securities that were not listed on the NASDAQ or a national stock exchange, it had shrunk significantly as stock have migrated to the trading facilities of the OTC Markets Group. Broker-dealers who subscribed to the system, which was not electronic, were able to use the OTCBB to enter orders for OTC securities that qualified to be quoted. According to the U.S. Securities and Exchange Commission (SEC), "fraudsters often claim or imply that an OTCBB company is a Nasdaq company to mislead investors into thinking that the company is bigger than it is". FINRA, an "independent, not-for-profit organization authorized by Congress", ran and provided regulatory services to the OTCBB by "writing and enforcing rules ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Opel
Opel Automobile GmbH (), usually shortened to Opel, is a German automobile manufacturer which has been a subsidiary of Stellantis since 16 January 2021. It was owned by the American automaker General Motors from 1929 until 2017 and the PSA Group, a predecessor of Stellantis, from 2017 until 2021. Opel vehicles are sold in the United Kingdom as Vauxhall Motors, Vauxhall. Some Opel vehicles were badge engineering, badge-engineered in Australia under the Holden brand until 2020 and in North America and China under the Buick, Saturn Corporation, Saturn, and Cadillac brands. Opel traces its roots to a sewing machine manufacturer founded by Adam Opel in 1862 in Rüsselsheim am Main. The company began manufacturing bicycles in 1886 and produced its first automobile in 1899. With the Opel RAK program, the world's first rocket program, under the leadership of Fritz von Opel, the company played an important role in the history of aviation and spaceflight: Various land speed records were a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Holden
Holden, formerly known as General Motors-Holden, was an Australian subsidiary company of General Motors. It was an Australian automobile manufacturer, importer, and exporter which sold cars under its own marque in Australia. In its last three years, it switched entirely to importing cars. It was headquartered in Port Melbourne, with major industrial operations in the states of South Australia and Victoria. The 164-year-old company ceased trading at the end of 2020. Holden's primary products were its own models developed in-house, such as the Holden Commodore, Holden Caprice, and the Holden Ute. However, Holden had also offered badge-engineered models under sharing arrangements with Chevrolet, Isuzu, Nissan, Opel, Suzuki, Toyota, and Vauxhall Motors. The vehicle lineup had included models from GM Korea, GM Thailand, GM North America. Holden had also distributed GM's German Opel marque in Australia in 2012 and 2013. Holden was founded in 1856 as a saddlery manufacturer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
GMC (automobile)
GMC (formerly the General Motors Truck Company (1911–1943), or the GMC Truck & Coach Division (1943–1998)) is a division of the American automobile manufacturer General Motors (GM) that primarily focuses on trucks and utility vehicles. GMC currently makes SUVs, pickup trucks, vans, and light-duty trucks. In the past, GMC also produced fire trucks, ambulances, heavy-duty trucks, military vehicles, motorhomes, transit buses, and medium duty trucks. While many of their vehicles are mechanically similar, GMC is positioned as a premium offering to the mainstream Chevrolet brand, and includes luxury trims Denali and Hummer EV. In North America, GMC vehicles are almost always sold alongside Buick (another premium brand) vehicles at multi-brand dealerships. History Roots to the GMC brand can be traced to 1900, when the "Grabowsky Motor Company" was established by brothers Max (1874-1946) and Morris Grabowsky, in Detroit, and renamed Rapid Motor Vehicle Company in 1902 when the b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
GM Daewoo
GM Korea Company ( ko, 한국지엠주식회사) is the South Korean subsidiary of multinational corporation General Motors. GMK is also the third largest automobile manufacturer in South Korea. GM Korea's roots go back to the former Daewoo Motors vehicle brand which was split from its parent company, Daewoo Group, in 2002. It has three manufacturing facilities in South Korea. In addition, GM Korea provides region and brand-specific vehicle assembly kits for assembly by GM affiliates in the United States, Brazil, China, Colombia, Uzbekistan and Mexico, and formerly in Australia and India after GM's February 2020 announcement to withdraw from all right-hand-drive markets worldwide. In 2008, GM Korea built more than 1.9 million vehicles, including CKD products. It currently produces vehicles and kits for Chevrolet and Buick that are offered in more than 150 markets on continents that don't have right-hand-drive markets. It produced vehicles and kits for Holden in Australia until ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chevrolet
Chevrolet ( ), colloquially referred to as Chevy and formally the Chevrolet Motor Division of General Motors Company, is an American automobile division of the American manufacturer General Motors (GM). Louis Chevrolet (1878–1941) and ousted General Motors founder William C. Durant (1861–1947) started the company on November 3, 1911 as the Chevrolet Motor Car Company. Durant used the Chevrolet Motor Car Company to acquire a controlling stake in General Motors with a reverse merger occurring on May 2, 1918, and propelled himself back to the GM presidency. After Durant's second ousting in 1919, Alfred Sloan, with his maxim "a car for every purse and purpose", would pick the Chevrolet brand to become the volume leader in the General Motors family, selling mainstream vehicles to compete with Henry Ford's Model T in 1919 and overtaking Ford as the best-selling car in the United States by 1929 with the Chevrolet International. Chevrolet-branded vehicles are sold in most autom ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cadillac
The Cadillac Motor Car Division () is a division of the American automobile manufacturer General Motors (GM) that designs and builds luxury vehicles. Its major markets are the United States, Canada, and China. Cadillac models are distributed in 34 additional markets worldwide. Cadillac automobiles are at the top of the luxury field within the United States. In 2019, Cadillac sold 390,458 vehicles worldwide, a record for the brand. Cadillac is among the first automotive brands in the world, fourth in the United States only to Autocar Company (1897) and fellow GM marques Oldsmobile (1897) and Buick (1899). It was named after Antoine de la Mothe Cadillac (1658–1730), who founded Detroit, Michigan. The Cadillac crest is based on his coat of arms. By the time General Motors purchased the company in 1909, Cadillac had already established itself as one of America's premier luxury car makers. The complete interchangeability of its precision parts had allowed it to lay the foundati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Buick
Buick () is a division of the American automobile manufacturer General Motors (GM). Started by automotive pioneer David Dunbar Buick in 1899, it was among the first American marques of automobiles, and was the company that established General Motors in 1908. Before the establishment of General Motors, GM founder William C. Durant had served as Buick's general manager and major investor. In the North American market, Buick is a premium automobile brand, selling luxury vehicles positioned above GM's mainstream brands, while priced below the flagship luxury Cadillac division. Buick's current target demographic according to ''The Detroit News'' is "a successful executive with family." After securing its market position in the late 1930s, when junior companion brand Marquette and Cadillac junior brand LaSalle were discontinued, Buick was positioned as an upscale luxury car below the Cadillac. During this same time period, many manufacturers were introducing V8 engines in their ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Initial Public Offering
An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment banks, who also arrange for the shares to be listed on one or more stock exchanges. Through this process, colloquially known as ''floating'', or ''going public'', a privately held company is transformed into a public company. Initial public offerings can be used to raise new equity capital for companies, to monetize the investments of private shareholders such as company founders or private equity investors, and to enable easy trading of existing holdings or future capital raising by becoming publicly traded. After the IPO, shares are traded freely in the open market at what is known as the free float. Stock exchanges stipulate a minimum free float both in absolute terms (the total value as determined by the share price multiplied by the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
MCI Inc
MCI, Inc. (subsequently Worldcom and MCI WorldCom) was a telecommunications company. For a time, it was the second largest long-distance telephone company in the United States, after AT&T. Worldcom grew largely by acquiring other telecommunications companies, including MCI Communications in 1998, and filed bankruptcy in 2002 after an accounting scandal, in which several executives, including CEO Bernard Ebbers, were convicted of a scheme to inflate the company's assets. In January 2006, the company, by then renamed MCI, was acquired by Verizon Communications and was later integrated into Verizon Business. Worldcom was originally headquartered in Clinton, Mississippi before relocating to Ashburn, Virginia when it changed its name to MCI. History Foundation In 1983, in a coffee shop in Hattiesburg, Mississippi, Bernard Ebbers and three other investors formed Long Distance Discount Services, Inc. based in Jackson, Mississippi and in 1985, Ebbers was named chief executive office ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Washington Mutual
Washington Mutual (often abbreviated to WaMu) was the United States' largest savings and loan association until its collapse in 2008. A savings bank holding company is defined in United States Code: Title 12: Banks and Banking; Section 1842: Definitions; Subsection (l): Savings Bank Holding Company See: On Thursday, September 25, 2008, the United States Office of Thrift Supervision (OTS) seized Washington Mutual’s banking operations and placed it into receivership with the Federal Deposit Insurance Corporation (FDIC). The OTS took the action due to the withdrawal of $16.7 billion in deposits during a 9-day bank run (amounting to 9% of the deposits it had held on June 30, 2008). The FDIC sold the banking subsidiaries (minus unsecured debt and equity claims) to JPMorgan Chase for $1.9 billion, which had been considering acquiring WaMu as part of a plan internally nicknamed “Project West.” All WaMu branches were rebranded as Chase branches by the end of 2009. The holding ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
