GM: Back in Black After Bankrputcy


Old news by now but I wasn’t blogging when this appeared and since I wrote on it earlier, thought it worth revisiting. In case you missed it, GM recently reported profits of $4.7bn on new vehicle sales.  As if that isn’t good enough news to GM shareholders, GM is close to once again being the world’s largest car maker.

Last year was one of foundation-building,” said Dan Akerson, chairman and chief executive. “Particularly pleasing was that we demonstrated GM’s ability to achieve sustainable profitability near the bottom of the US industry cycle, with four consecutive profitable quarters.”
The profit caps an extraordinary year for GM that witnessed the bankrupt car firm return to the stock markets with a $23.1bn initial public offering in November. The company said 45,000 union workers would receive profit-sharing checks averaging $4,300, the most ever.

Good for GM.  Since GM “repaid its loan from the Treasury Department in full, ahead of schedule” to move beyond bankruptcy, guess the right will have to stop calling it “Government Motors.”  But I doubt it will…

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