General Motors, Bankruptcy | featured news

Dutch sportscar maker Spyker is suing General Motors for $3 billion on behalf of its subsidiary Saab, accusing the U.S. automaker of deliberately bankrupting the Swedish group by blocking a deal with a Chinese investor.

In an impressive comeback from bankruptcy, General Motors last year posted its first annual profit since 2004....

The GM IPO could wind up as the largest in history. Earlier this week, GM raised the high end of its initial price range from $29 to $33 and increased the number of shares it was offering from 365 million to 478 million common shares because investor demand was so high. Counting preferred stock issued by the company, the deal's value could top $23 billion.

General Motors Co has secured a $5 billion credit facility, two people briefed on the bank deal said on Wednesday, marking the return of the top U.S. automaker to the capital markets a year after it emerged from a landmark bankruptcy.

General Motors Co. rode expense cuts from its bankruptcy and strong sales of redesigned models to its first quarterly net income in nearly three years, drawing the company closer to a stock offering that would repay at least part of its government aid....

G.M. said Wednesday that it had positive cash flow of $1 billion in the six months after it emerged from bankruptcy protection last July, but that it lost $4.3 billion in that period, mostly because of the cost of settling with the United Auto Workers union over retiree health benefits, one of the burdens that helped bring the company to its knees.

If union members accept the deal, Ford will gain some of the benefits that General Motors and Chrysler needed bankruptcy reorganization to achieve.

A leaner General Motors is close to starting a new life under government ownership after a judge denied an 11th-hour request Thursday to block the automaker's quick exit from bankruptcy.

GM asked a bankruptcy judge to cancel 70 dealer contracts, eliminating the last holdouts in a plan to shutter as many as 2,400 stores.

A federal judge approved a plan by General Motors to sell its best assets to a new, government-backed company, a crucial step for the automaker to complete its bankruptcy process.