General Motors has closed a $14.5 billion revolver with a total of 44 financial institutions from 13 countries participating in the broadly syndicated transaction.
NHTSA announced that General Motors has agreed to pay a record $35 million civil penalty and to take part in unprecedented oversight requirements as a result of an investigation into a safety defect in the Chevrolet Cobalt.
The U.S. government said it sold its remaining shares in General Motors and ended up losing $10.5 billion on its bailout of the auto-maker, but notes “efforts saved jobs and helped stabilize economy during the financial crisis.”
GemCap announced a $7.4 million term loan against machinery and equipment to a manufacturer of fibers and fabric for the automobile industry.
On March 22, 2010, the Third Circuit Court of Appeals, which covers the districts of New Jersey, Pennsylvania and Delaware, issued a decision that is of ground breaking importance to secured lenders. This decision arises out of the Philadelphia Newspapers, LLC1 bankruptcy case pending in the Eastern District of Pennsylvania and seriously affects the right of secured lenders to credit bid in a sale effected in connection with a plan of reorganization.