The plant shuttered in 2002 without GM paying the province back a penny of its $110 million loan. … The federal and Ontario governments provided $13.7 billion to GM and Chrysler (with about $10.5 billion for GM) to bail out the auto industry amid the economic downturn—and essentially save the company.
Furthermore, did GM get a bailout in 2008?
On this day in 2008, a week after Senate Republicans killed a Democratic-sponsored bailout bill, asserting it failed to impose sufficient wage cuts on autoworkers, President George W. Bush announced a $17.4 billion bailout to General Motors and Chrysler, of which $13.4 billion would be extended immediately.
Also to know is, does GM still owe the government money 2019?
In total, GM received $52 billion from the U.S. government, but only $6.7 billion of this amount was considered a loan. The company already paid back $2 billion, so this $4.7 billion is the last payment. … Despite the payback, the government still owns a controlling portion of the restructured GM.
Does the government own GM?
Like any public company with a stock offering, General Motors is owned by shareholders. In the past, the U.S. government was a majority shareholder in the company (after the 2008 bailouts). … Today, the top three individual GM shareholders are Mary Barra, Mark Reuss and Dan Ammann.
U.S. taxpayers no longer own any of automaker General Motors. The Treasury sold the last of its remaining 31.1 million GM shares today. It started with 500 million shares in 2010. The taxpayer loss on the GM bailout is $10.5 billion.
Finance noted that GM’s most recent financial statement reported on February 10, 2021, showed a total debt of $109.89 billion, with $72.98 billion in long-term debt and the remaining $26.91 billion in current debt. Adjusting for $19.99 billion in cash equivalents, GM has a net debt of $89.90 billion.
The Ford Motor Company reported total debt between 161 and 162 billion U.S. dollars in 2020. Total debt comprises automotive debt, credit debt, and other debt.
Regulatory documents filed by Ford showed the company owes payments of $591 million in 2020, $591 million in 2021 and $289 million in 2022.
The final direct cost to the Treasury of the GM bailout was $11-12 billion ($10.5 billion for General Motors and $1.5 billion for former GM financing GMAC, now known as Ally). Local tax incentives amounted to $1.7 billion, most of them in Michigan.
WASHINGTON — The federal government on Monday sold its remaining shares of General Motors Co. stock, ending the controversial $49.5-billion bailout of the automaker with an approximately $10.5-billion loss for taxpayers.
Apologists for the bailout assert that were it not for the federal government’s emergency intervention, America would have lost one of its premier industries, along with a critical mass of skilled labor, physical plants, technology, and suppliers. …
Let’s be honest here: Ford has gotten a free pass and earned market shares for being the only US automaker that “didn’t take bailout money,” when they did in fact, take government loans with the condition of making cars that the government wanted.
The federal loan would prevent General Motors from going into immediate bankruptcy. The bailout required both companies to dramatically restructure their operations to demonstrate long-term viability.