General Motors
Detroit,
Mich. |
See all recipients in
Michigan
$50.7B
Disbursed
$38.7B
Returned
$694M
Revenue to Gov't
$11.3B
Net Outstanding
General Motors' first loans came in mid-December of 2008, when Treasury Secretary Hank Paulson stepped in to rescue GM and Chrysler.
On June 1, 2009, GM filed for Chapter 11 bankruptcy protection. As part of the restructuring, the U.S. government agreed to provide the company up to $30.1 billion more. In exchange, the U.S. received a 60.8 percent stake in the company when it emerged from bankruptcy protection about a month later. The remainder of GM's equity stake was divided between the Canada and Ontario governments (11.7 percent), the UAW retiree trust (17.5 percent), and bondholders and other creditors (10 percent). On Nov. 16, 2010, General Motors began to sell its shares on the stock exchange.
This investment resulted in a loss to taxpayers.
| Date | Type | Amount | Program | Description |
|---|---|---|---|---|
| 09/03/2019 | Refund | $32,148,396 | AIFP |
Partial Repayment
|
| 07/02/2019 | Refund | $40,382,914 | AIFP |
Partial Repayment
|
| 03/16/2018 | Refund | $12,912,262 | AIFP |
Partial Repayment
Right to recover proceeeds
|
| 11/17/2016 | Refund | $5,033,898 | AIFP |
Partial Repayment
|
| 08/01/2016 | Refund | $2,961,564 | AIFP |
Partial Repayment
|
| 05/22/2015 | Refund | $8,325,185 | AIFP |
Partial Repayment
|
| 01/09/2014 | Refund | $470,269 | AIFP |
Partial Repayment
|
| 12/27/2013 | Refund | $410,705 | AIFP |
Partial Repayment
|
| 12/09/2013 | Refund | $1,208,249,982 | AIFP |
Partial Repayment
On 12/9/2013, Treasury sold shares of GM common stock, further reducing Treasury's equity stake in GM to 0 percent. On November 21, 2013, Treasury gave J.P. Morgan Securities, LLC discretionary authority, as its sales agent, to sell, subject to certain parameters, the remaining shares of common stock, from time to time during the period ending on February 15, 2014 (or upon completion of the sale). Completion of the sale under this authority occurred on December 9, 2013.
|
| 11/20/2013 | Refund | $2,563,441,956 | AIFP |
Partial Repayment
On 11/20/2013, Treasury sold shares of GM common stock, further reducing Treasury's equity stake in GM to 2.24 percent. On September 26, 2013, Treasury gave Citigroup Global Markets, Inc. and J.P. Morgan Securities, LLC discretionary authority, as its sales agent, to sell subject to certain parameters up to 70,214,460 shares of common stock from time to time during the period ending on December 20, 2013 (or upon completion of the sale). Completion of the sale under this authority occurred on November 20, 2013.
|
| 09/20/2013 | Refund | $11,832,877 | AIFP |
Partial Repayment
|
| 09/13/2013 | Refund | $3,822,724,832 | AIFP |
On 9/13/2013, Treasury sold 110,336,510 shares of GM common stock in a registered public offering at $34.65 per share for net proceeds to Treasury of $3,822,724,832. The sale further reduced Treasury's equity stake in GM to 7.32 percent. The sale was made pursuant to pre-arranged written trading plans dated May 6, 2013, as amended, Treasury gave Citigroup Global Markets, Inc. and J.P. Morgan Securities, LLC discretionary authority, as its sales agent, to sell subject to certain parameters up to 142,814,136 shares of common stock from time to time during the period ending on September 13, 2013 (or upon completion of the sale).
|
| 06/12/2013 | Refund | $1,031,700,000 | AIFP |
Partial Repayment
On 6/12/2013, Treasury sold 30,000,000 shares of GM common stock in a registered public offering at $34.41 per share for net proceeds to Treasury of $ 1,031,700,000. The sale further reduced Treasury's equity stake in GM to 13.8 percent.
|
| 05/22/2013 | Refund | $10,048,968 | AIFP |
Partial Repayment
|
| 04/11/2013 | Refund | $1,637,839,844 | AIFP |
Partial Repayment
On January 18, 2013, Treasury gave Citigroup Global Markets, Inc. and J.P. Morgan Securities, LLC discretionary authority, as its sales agent, to sell subject to certain parameters up to 58,392,078 shares of common stock from time to time during the period ending on April 17, 2013 (or upon completion of the sale). Completion of the sale under this authority occurred on April 11, 2013. The sale further reduced Treasury's equity stake in GM to 17.69 percent.
|
| 12/21/2012 | Refund | $5,500,000,000 | AIFP |
Partial Repayment
On 12/21/2012, Treasury sold 200,000,000 shares of common stock at $27.50 per share pursuant to a letter agreement. Following settlement, the net proceeds to Treasury were $5,500,000,000. The sale further reduced Treasury's equity stake in GM to 21.97 percent.
|
| 10/23/2012 | Refund | $435,097 | AIFP |
Partial Repayment
|
| 01/11/2012 | Refund | $6,713,489 | AIFP |
Partial Repayment
|
| 12/23/2011 | Refund | $18,890,294 | AIFP |
Partial Repayment
|
| 12/16/2011 | Refund | $144,444 | AIFP |
Partial Repayment
|
| 05/03/2011 | Refund | $15,887,795 | AIFP |
Partial Repayment
|
| 04/05/2011 | Refund | $45,000,000 | AIFP |
Partial Repayment
|
| 03/31/2011 | Refund | $50,000,000 | AIFP |
Partial Repayment
|
| 12/15/2010 | Refund | $2,139,406,778 | AIFP |
Partial Repayment
Treasury accepted an offer by General Motors to repurchase all of the approximately $2.1 billion preferred stock at a price per share of $25.50, which is equal to 102% of the liquidation preference, subject to the closing of the proposed initial public offering of GMâs common stock. The repurchase was completed on 12/15/2010.
|
| 12/15/2010 | Dividend | $47,192,797 | AIFP |
Dividend - Cumulative
|
| 11/26/2010 | Refund | $1,761,495,577 | AIFP |
Partial Repayment
On 11/26/2010, the underwriters exercised their option to purchase an additional 53,782,019 shares of common stock from Treasury at the same purchase price resulting in additional proceeds of $1,761,495,577. The sale further reduced Treasury's equity stake in GM to 32.04 percent.
|
| 11/18/2010 | Refund | $11,743,303,903 | AIFP |
Partial Repayment
On 11/17/2010, Treasury agreed to sell 358,546,795 shares of common stock at $32.7525 per share (which represents the $33 public sale price less underwriting discounts and fees) pursuant to an underwriting agreement. Following settlement, the net proceeds to Treasury were $11,743,303,903. The sale reduced the Treasury's equity stake in GM to 36.9 percent.
|
| 09/15/2010 | Dividend | $47,192,797 | AIFP |
Dividend - Cumulative
|
| 06/15/2010 | Dividend | $47,192,797 | AIFP |
Dividends payment
|
| 04/20/2010 | Refund | $4,676,779,986 | AIFP |
Partial Repayment
|
| 04/20/2010 | Dividend | $8,184,365 | AIFP |
Dividends payment
|
| 04/12/2010 | Interest | $82,753,024 | AIFP |
Interest Payment
|
| 03/31/2010 | Refund | $1,000,000,000 | AIFP |
Partial Repayment
|
| 01/21/2010 | Refund | $35,084,421 | AIFP |
Partial Repayment
|
| 01/21/2010 | Interest | $68,220 | AIFP |
Interest Payment
|
| 01/11/2010 | Interest | $99,957,627 | AIFP |
Interest Payment
|
| 12/18/2009 | Interest | $12,833,333 | AIFP |
Interest Payment
|
| 12/18/2009 | Refund | $1,000,000,000 | AIFP |
Partial Repayment
|
| 12/15/2009 | Dividend | $47,192,797 | AIFP |
Dividend Payment
|
| 10/13/2009 | Interest | $123,983,051 | AIFP |
Interest Payment
|
| 09/15/2009 | Dividend | $34,083,686 | AIFP |
Dividend Paid
|
| 07/15/2009 | Interest | $143,526,108 | AIFP |
Total Interest Paid Thru 7-09
|
| 07/10/2009 | Purchase | $7,072,488,605 | AIFP |
Debt Obligation w/ Additional Note, Equity Interest
|
| 07/10/2009 | Refund | $360,624,198 | AIFP |
Partial Repayment
|
| 06/03/2009 | Loan | $23,027,511,395 | AIFP |
Debt Obligation, Equity Interest
This is the amount of financing the government has announced it will provide to GM to carry it through bankruptcy.
|
| 05/27/2009 | Loan | $360,624,198 | AIFP |
Debt Obligation w/ Additional Note
This loan is to guarantee GM's warranties as it moves through bankruptcy.
|
| 05/20/2009 | Loan | $4,000,000,000 | AIFP |
Debt Obligation w/ Additional Note
|
| 04/22/2009 | Loan | $2,000,000,000 | AIFP |
Debt Obligation w/ Additional Note
|
| 12/31/2008 | Loan | $13,400,000,000 | AIFP |
Debt Obligation w/ Warrants and Additional Note
|
| 12/29/2008 | Purchase | $884,024,131 | AIFP |
Debt Obligation
The Treasury exchanged this loan for a portion of GM's equity interest in GMAC. As a result of the exchange, Treasury holds a 35.4% common equity interest in GMAC.
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