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GM was given its last $30B of taxpayer money as it entered bankruptcy in early June of this year. By the time GM exited Chapter 11 protection on July 10, there was only $16.4B left in its bailout escrow account. According to an 8-K form filed today with the SEC, GM now has only $13.6B remaining in that account, less than one-third of GM’s $50B total bailout (not counting assistance to GMAC). GM’s rescue of its major supplier, Delphi, consumed $2.8 billion from its escrow account. According to the form:
Approximately $1.7 billion was utilized to acquire a membership interest in the new Delphi entity and approximately $1.1 billion was expended in the acquisition of Delphi’s global steering business, certain domestic facilities and other related payments
Recent Comments
FuzzyPlushroom - The most powerful reason, honestly, that I’m glad my first few cars were RWD. FWD is fine and all, but it’s not the same.
jimbob457 - Took the wife’s 996 cabrio in for routine service yesterday and discovered that the little fellow is built like the proverbial brick shithouse....
raph - Same here but the Fisker deserves a nice over the top V12, a 10.5L 2 valve V12 making 700+ hp and to make the greenies happy they could add some sort...
Piston Slap Yo Mama - The 1st Contour SVT I find on CL has missing rocker caps: http://sanantonio.craigslist.o rg/cto/3740157683.html...
f2m - to see a unique analysis over the US car market: http://focus2move.com/itemlist /category/37-united-states-of- america
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