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The General Motors Chapter 11 sale of the assets of automobile manufacturer General Motors and some of its subsidiaries was implemented through section 363 of 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 employee compensation, warranties, and other customer service were uninterrupted during the bankruptcy proceedings.〔 Operations outside of the United States were not included in the court filing.〔 The company received $33 billion in debtor-in-possession financing to complete the process.〔(G.M. Wins Final Approval of DIP Financing )〕 GM filed for Chapter 11 reorganization in the Manhattan New York federal bankruptcy court on June 1, 2009 at approximately 8:00 am EST. June 1, 2009 was the deadline to supply an acceptable viability plan to the U.S. Treasury. The filing reported US$82.29 billion in assets and US$172.81 billion in debt.〔 〕〔 〕 〔 〕〔 〕〔 〕 After the Chapter 11 filing, effective Monday, June 8, 2009, GM was removed from the Dow Jones Industrial Average and replaced by Cisco Systems. From Tuesday 2 June, old GM stock has traded Over the Counter (Pink Sheets/OTCBB), initially under the symbol GMGMQ〔 〕 and currently under the symbol MTLQQ. On July 10, 2009, a new entity completed the purchase of continuing operations, assets and trademarks of GM as a part of the 'pre-packaged' Chapter 11 reorganization.〔Stoll, John D., and Neil King Jr. (July 10, 2009).(GM Emerges From Bankruptcy ).''The Wall Street Journal''. Retrieved on July 10, 2009.〕〔(【引用サイトリンク】title=Obama: GM bankruptcy viable, achievable - Autos- msnbc.com )〕 As ranked by total assets, GM's bankruptcy marks one of the largest corporate Chapter 11 bankruptcies in U.S. history. The Chapter 11 filing was the fourth-largest in U.S. history, following Lehman Brothers Holdings Inc., Washington Mutual and WorldCom Inc. A new entity with the backing of the United States Treasury was formed to acquire profitable assets, under section 363 of the Bankruptcy Code, with the new company planning to issue an initial public offering (IPO) of stock in 2010.〔Stoll, John D., and David McLaughlin (July 2, 2009).(General Motors Aims for IPO Next Year ).''The Wall Street Journal''. Retrieved on July 10, 2009.〕 The remaining pre-petition creditors claims are paid from the former corporation's assets.〔〔 ==Background== General Motors was financially vulnerable before the automotive industry crisis of 2008-2009. In 2005 the company posted a loss of US$10.6 billion. In 2006, its attempts to obtain U.S. government financing to support its pension liabilities and also to form commercial alliances with Nissan and Renault failed. For fiscal year 2007, GM's losses for the year were US$38.7 billion,〔 〕 and sales for the following year dropped by 45%. On November 7, 2008 General Motors reported it had projected it would run out of cash around mid-2009 without a combination of government funding, a merger, or sales of assets.〔 〕 Ten days later General Motors representatives, along with executives from Ford and Chrysler testified about their need for financial aid at a Congressional hearing in Washington D.C. All three companies were unsuccessful in their attempts to obtain legislation to authorize U.S. government aid, and were invited to draft a new action plan for the sustainability of the industry.〔 (Detroit Chiefs Plead for Aid. New York Times on November 18, 2008. ). Retrieved November 21, 2008.〕 On December 2, 2008, General Motors submitted its "Restructuring Plan for Long-Term Viability" to the Senate Banking Committee and House of Representatives Financial Services Committee.〔(General Motors Restructuring Plan for Long-Term Viability )〕 Congress declined to act, but in December 2008 the Bush administration provided a "bridge loan" to General Motors with the requirement of a revised business plan. It said it needed $4.6 billion in loans within weeks, from the $18 billion it had already requested, and an additional $12 billion in financial support in order to stave off bankruptcy. On Feb. 26, 2009, General Motors announced that its cash reserves were down to $14 billion at the end of 2008. G.M. lost $30.9 billion, or $53.32 a share, in 2008 and spent $19.2 billion of its cash reserves. Mr. Wagoner met with President Obama’s auto task force, and the company said that it could not survive much longer without additional government loans. On the March 30, 2009 deadline President Barack Obama declined to provide financial aid to General Motors, and requested that General Motors produce credible plans, saying that the company's proposals had avoided tough decisions, and that Chapter 11 bankruptcy appeared the most promising way to reduce its debts, by allowing the courts to compel bondholders and trade unions into settlements.〔 〕 GM Chairman and CEO Rick Wagoner was also forced to resign. GM bondholders rejected the government's first offer, but the unions agreed to the preferential terms.〔 〕 A bondholder debt to equity counteroffer was ignored.〔 〕 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「General Motors Chapter 11 reorganization」の詳細全文を読む スポンサード リンク
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