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General Motors

GM bailout played out over five years

Chris Woodyard
USA TODAY
Line worker Kim Kleinedler assembles a Chevrolet Silverado pickup truck at the General Motors Flint Assembly plant in this 2011 photo
  • GM%27s path through the federal bailout played out over five years
  • The government held a 61%25 stake
  • Gradually%2C it sold off all its shares

With the government's decision to sell the last of its General Motors shares, it is worth taking a look back at the process as it went on over five years. Here are key dates:

Dec. 19, 2008. The Bush Administration announces plans to bail out Detroit's auto industry, notably General Motors and Chrysler Group.

Dec. 31, 2008. GM receives $13.4 billion in short-term financing through the Troubled Asset Relief Program.

April 22, 2009. The Obama Administration provided $2 billion working capital loan to GM.

May 20, 2009. Another $4 billion is added to the loan.

June 1, 2009. GM files for bankruptcy reorganization. In bankruptcy, it cuts costs and sheds such well-known brands as Saturn, Hummer and Saab.

June 3, 2009, in conjunction with the bankruptcy filing, the Obama Administration provides a $30.1 billion debtor-in-possession loan.

June 8, 2009. GM kicked off the list of 30 companies comprising the Dow Jones Industrial Average.

July 10, 2009. GM exits bankruptcy.

April 20, 2010. GM makes its final loan repayment. Government holds a 61% stake in common and preferred stock.

Nov. 18, 2010. General Motors becomes a public company again. U.S. Treasury reaps $13.5 billion in conjunction
with the new company's IPO, reducing its stake to 33%.

Dec. 15, 2010. GM repurchases all of Treasury's preferred stock

Dec. 21, 2012. GM repurchases 200 million shares of common stock from Treasury, which announces
it will sell all of its GM shares over up to 15 months on the open market.

Dec. 9, 2013. The last of four stock sales is completed. The government has no remaining GM shares.

Source: U.S. Treasury, USA TODAY research

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