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115-547: The Chevrolet Cruze is a compact car produced by General Motors from 2008 through 2023. It was designated as a globally developed, designed, and manufactured four-door compact sedan, complemented by a five-door hatchback body variant from 2011, and a station wagon in 2012. During its introduction, the Cruze replaces several compact models, including the Chevrolet Optra which was sold internationally under various names,

230-627: A going concern ". A qualified going concern audit letter like this is only issued by the auditors when the company is in extreme financial distress and it is likely that it may file for bankruptcy protection. March 12, 2009: GM's CFO Ray Young said that it would not need the requested $ 2B (~$ 2.76 billion in 2023) in March noting that the cost-cutting measures are starting to take hold. March 29, 2009: GM's Chairman and CEO , Rick Wagoner , agreed to immediately resign his position as part of an Obama administration automotive restructuring plan. Wagoner

345-632: A "compact car" target that was larger than what has become known as the "light car" or the kei car . One of the first compact cars that met those requirements was the Toyota Publica with an air-cooled two-cylinder opposed engine, the Datsun 110 series , and the Mitsubishi 500 . The Publica and the Mitsubishi 500 were essentially "kei cars" with engines larger than regulations permitted at

460-651: A 17.5% stake, and the unsecured bondholders of General Motors with a 10% stake. The selling company was Motors Liquidation Company ("Old GM") (see below ). A creditor meeting, at the New York Hilton Hotel , held by the United States Trustee Program , was scheduled for June 3, 2009. On June 1, 2009, GM announced that the Hummer brand would be discontinued. On October 9, they reached an agreement to sell their entire stake in

575-622: A 2011 model, replacing the Chevrolet Cobalt . Full production began September 8, 2010. For these markets, the Cruze utilizes a more advanced Watts Z-link rear suspension from the Opel Astra (J). Offered in LS, LT, LTZ and Eco trim levels, both the 1.8-liter and the turbocharged 1.4-liter engines are offered, coupled with either a six-speed manual or automatic transmission. With a starting price slightly higher than most compact competitors,

690-776: A Cruze-based equivalent, due to the Pontiac brand being phased out during 2010. The Cruze was built on the production lines that were used to build the Cobalt and Pontiac G5 in Lordstown, Ohio. Cobalt production ended in June 2010 and the Cruze started production in July 2010. GM has allocated three shifts to produce the Cruze and it arrived to dealers in September 2010, giving all dealers time to deplete their inventories of Cobalts. Changes to

805-509: A beneficial financial payout, on credit default swaps held by these creditors. Due to a lack of transparency, there was no way to find out who the CDS protection buyers and protection writers were, and they were subsequently left out of the negotiation process. On March 29, 2009, the U.S Treasury committed to fund a government guarantee of General Motors' warranty liabilities, up to US$ 360.6 million (~$ 498 million in 2023). On May 27, 2009,

920-421: A broader response to the increasing urgency of GM's own cash flow problems. That was a result of Chrysler's senior bank debt currently trading at less than 50 cents on the dollar and because Chrysler's other owner – Daimler, formerly DaimlerChrysler – recently revalued its 19.9% Chrysler stake down to zero, which may or may not reflect its value in a potential sale. December 12, 2008: General Motors stated that it

1035-666: A congressional hearing in Washington D.C. All three companies were unsuccessful in their attempts to obtain legislation to authorize U.S. government aid, and were invited to draft a new action plan for the sustainability of the industry. On December 2, 2008, General Motors submitted its "Restructuring Plan for Long-Term Viability" to the Senate Banking Committee and House of Representatives Financial Services Committee. Congress declined to act, but in December 2008

1150-575: A deal with the Renault Group for vehicle replacements in 2012, but since that deal fell through Penske cancelled the planned sale. GM has said that the Saturn brand will be phased out by the 2010 model year, and the brand was declared defunct on October 31, 2010. On June 16, 2009, it was announced that the Swedish firm Koenigsegg Automotive AB and a group of Norwegian investors planned to acquire

1265-513: A federal Manhattan court in New York on June 1, 2009, at approximately 8:00 am, planning to re-emerge as a less debt-burdened organization. The filing reported US$ 82.29 billion in assets. The case was assigned to U.S. Bankruptcy Judge Robert Gerber , who had previously presided over another high-profile bankruptcy case of Adelphia Communications Corp. Shortly after the Chapter 11 filing, it

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1380-516: A five-speed manual or a six-speed automatic along with 1.6- or 1.8-liter engines. The sedan range consisted of the 1.6 SL, 1.6 SE, 1.8 SE (automatic only) and 1.8 SX (automatic only). Hatchback models were introduced in 2013 available with the 1.6-liter or 1.6-liter turbo engines. The Chevrolet Cruze was released in India on October 12, 2009. It was offered in only two versions: LT and LTZ in diesel form only ( VCDi ). During 2009, there were reports that

1495-646: A global design and engineering team. GM Daewoo in South Korea played a leading role in the design and engineering of the Cruze, along with GM's German-based Opel division. This development program spanned over 27 months at a cost of US$ 4 billion. A total of 221 prototypes were tested in Australia, Canada, China, South Korea, Sweden, the United Kingdom and the United States. According to GM,

1610-525: A license plate number beginning with "5". In the past, the small size category has received tax benefits stipulated by the Japanese government regulations , such as those in the 1951 Road Vehicle Act . In 1955, the Japanese Ministry of International Trade and Industry set forth a goal to all Japanese makers at that time to create what was called a "national car". The concept stipulated that

1725-782: A new market segment and the U.S. automobile industry soon adopted the "compact" term. Several competitors to the Nash Rambler arose from the ranks of America's other independent automakers, although none enjoyed the long-term success of the Rambler. Other early compact cars included the Kaiser-Frazer Henry J (also re-badged as the Allstate ), the Willys Aero and the Hudson Jet . In 1954, 64,500 cars sold in

1840-560: A part of the Bankruptcy Code), the purchaser of the assets of a company in bankruptcy proceedings is able to obtain approval for the purchase from the court prior to the submission of a re-organization plan, free of liens and other claims. It is used in most Chapter 11 cases that involve a sale of property or other assets. This process is typical of large organizations with complex branding and intellectual property rights issues upon exiting bankruptcy. As ranked by total assets,

1955-509: A plan that would assemble all of their viable assets, including some U.S. brands and international operations, into a new company. Less than a week later, its Saab subsidiary filed for bankruptcy protection in Sweden. March 5, 2009: GM's independent public accounting firm ( Deloitte & Touche ) issued a qualified opinion as part of GM's 2008 annual report that stated "[these conditions] raise substantial doubt about its ability to continue as

2070-552: A possible 37 points. The following July, the China New Car Assessment Program (C-NCAP) awarded the Cruze five out of five stars in their test. The Cruze SE 1.6-liter tested scored 16 points in side-impact collision, 14.44 in front-end collision, and 15.73 in the 40 percent frontal offset collision. Euro NCAP graded the Cruze at five out of five stars as well—96 percent for adult protection, and 84 percent for child occupant protection, though

2185-445: A reason for the stop-sale order; subsequently GM disclosed that the issue was a faulty right-side axle shaft. The Cruze was given a mild facelift for 2013, unveiled at the 2012 Geneva Motor Show . There was a new front fascia with redesigned air vents around the fog lamps, and the grille and headlamps also received minor updates. New alloy wheels were offered, and GM's optional MyLink entertainment system became available. This model

2300-649: A recall for 413,418 Cruzes manufactured at the Lordstown, Ohio plant, to address a risk of engine compartment fires. The recall covered 2011 and 2012 models built from September 2010 through May 2012 and affected vehicles sold in the United States, Canada, and Israel. The fire hazard arose from the possibility of fluids becoming trapped near the engine and catching fire. 9,547 Australian-built Cruzes were also recalled for this reason, though no engine fires were reported in Australia. GM issued another recall on August 16, 2013, for 2011 and 2012-model Cruzes—292,879 cars built at

2415-477: A recall for 9,098 petrol-engined 2010 model year Cruzes in Australia and a further 485 in New Zealand over a faulty fuel hose . According to Holden, some hoses on 1.8-liter cars had developed a leakage, although no accidents or injuries had been reported prior to the recall. The recall followed a stop-delivery notice issued by Holden to its dealers on March 3 while the automaker conducted an investigation into

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2530-550: A response to the slowing sales of the larger, locally produced Commodore range. The Australian Government committed A$ 149 million to the program from its $ 6.2 billion Green Car Innovation Fund , with a further $ 30 million given by the State Government of South Australia . On February 28, 2011, Holden unveiled the Australian assembled Cruze sedan in facelifted "Series II" guise, otherwise known as

2645-406: A similar financial situation, warned that it, too, was nearly out of cash and might not survive much longer. December 18, 2008: President Bush announced that an "orderly" bankruptcy was one option being considered for both General Motors and Cerberus -owned Chrysler LLC . Sources said that setting up this type of "orderly" bankruptcy would be complicated because it would not only involve talks with

2760-510: A turbocharged 1.6-liter engine with a six-speed manual transmission. The Chevrolet Cruze was launched in the Egyptian market during mid-2009. South African sales of the Cruze commenced in September 2009. South Korean-market versions of the Cruze entered production there in 2008 as the "Daewoo Lacetti Premiere". The Lacetti debuted on October 30, 2008, featuring the 1.6-liter naturally aspirated engine . On January 30, 2009, GM Daewoo introduced

2875-485: Is everything for us". It is described as GM's most significant new vehicle introduction into North America since the Chapter 11 reorganization in 2009, and is GM's latest attempt to build a small size car that North American consumers would "buy because they like it – not simply because it is cheap". Underpinned by the front-wheel drive GM Delta II platform , GM has confirmed the Cruze development program occurred under

2990-513: Is modified from the global platform as it requires reinforcements to the engine compartment because it offers a bigger engine than in other markets and uses torsion beam suspension. Hydraulically -assisted (electric for North American market) rack and pinion steering gives for a 10.9-meter (36 ft) turning circle . Braking-wise, ventilated front, and solid rear disc brakes are employed, both using piston steel calipers . To counteract noise, vibration, and harshness , engineers have designed

3105-415: Is teamed with GM's six-speed 6T30 unit, lighter and more compact than the previous 6T40 . Diesel remains optional for "CD" and "CDX" specifications over the standard 1.8-liter petrol. Alterations to the 2.0-liter turbodiesel have resulted in an additional 10 kW (13 hp) and 40 N⋅m (30 lb⋅ft) and a slight reduction in fuel consumption for the manual variant, now a six-speed unit. However,

3220-474: The Astra hatchback and a restyled version of the second-generation Cruze sedan, renamed to Astra Sedan. European specification variants of the Cruze are offered with 1.6- and 1.8-litre petrol engines, and 2.0-litre and (from 2012) 1.7-litre diesel engines. In mid-2011, with the arrival of the five-door hatchback variant, the 1.6-litre petrol engine received an upgrade from 113 bhp to 122 bhp. Exports from

3335-453: The Bush administration provided a "bridge loan" to General Motors with the requirement of a revised business plan. It said it needed $ 4.6 billion in loans within weeks, from the $ 18 billion it had already requested, and an additional $ 12 billion in financial support in order to stave off bankruptcy. On February 26, 2009, General Motors announced that its cash reserves were down to $ 14 billion at

3450-499: The Carlyle Group ), David Bonderman (of TPG Capital ), Robert D. Krebs (a former railroad executive), Patricia F. Russo (the former CEO of Alcatel-Lucent ), Ed Whitacre (GM Chairman) and Fritz Henderson (GM CEO). In addition to selling off brands and killing brands like Pontiac and Goodwrench, General Motors Company restructured its brand architecture and adopted a new corporate identity. The practice of putting

3565-798: The Chevrolet Cobalt sold exclusively in North America, and the Australasian-market Holden Astra . The Cruze was released in 2008 for the South Korean market as the Daewoo Lacetti Premiere prior to the adoption of its international name in 2011, when the Daewoo brand was discontinued. In Australasia, the model was sold between 2009 and 2016 as the Holden Cruze . In 2016, the Cruze sedan

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3680-599: The Dow Jones Industrial Average and replaced by Cisco Systems . From Tuesday June 2, old GM stock has traded Over the Counter ( Pink Sheets / OTCBB ), initially under the symbol GMGMQ and subsequently under the symbol MTLQQ. On July 10, 2009, a new entity completed the purchase of continuing operations, assets and trademarks of GM as a part of the 'pre-packaged' Chapter 11 reorganization. As ranked by total assets, GM's bankruptcy marks one of

3795-547: The JH series. Prime Minister Julia Gillard attended the February launch to drive the first example off Holden's production line before full-scale production commenced in March. Holden has confirmed an initial local content level of between 40 and 50 percent if assessed by retail value, with an aim of increasing Cruze localization over time. Series II styling revisions to the grille , lower air intake , and bumper have softened

3910-686: The Recession of 1958 , the only exception to the sales decline was American Motors with its compact, economy-oriented Ramblers that saw high demand among cautious consumers. By 1959, sales of small imported cars also increased to 14% of the U.S. passenger car market, as consumers turned to compact cars. By this time, smaller cars appealed to people with a college education and a higher income whose families were buying more than one car. Customers expected compact cars to provide improved fuel economy compared to full-sized cars while maintaining headroom, legroom, and plenty of trunk space. Between 1958 and 1960,

4025-605: The Saab brand from General Motors . GM would have continued to supply architecture and powertrain technology for an unspecified amount of time. On November 24, 2009, it was announced that the sale of Saab to the Koenigsegg Group had collapsed. "We're obviously very disappointed with the decision to pull out of the Saab purchase," said GM CEO Fritz Henderson in a statement. "Given the sudden change in direction, we will take

4140-565: The United States Bankruptcy Court for the Southern District of New York , its preferred court. Normally, a company would file for bankruptcy in the courts located either in the state where the company is incorporated (which for GM was Delaware ), or where it conducts operations (which would have been Michigan , where the company was headquartered). General Motors' attorneys, however, preferred to file in

4255-589: The "2.0LT VCDi" variant powered by a 2.0L CRDi diesel engine paired to a standard 6-speed automatic transmission with manual mode. It featured a proximity key with start/stop button. In 2014, Chevrolet launched a redesigned Cruze which featured a different frontend. Holden announced at the Melbourne International Motor Show on February 27, 2009, that sales of the South Korean-produced Cruze would begin under

4370-832: The "GM Mark of Excellence" on every car, no matter what the brand, was discontinued in August 2009. The company moved from a 'corporate-endorsed, hybrid-brand' architecture structure (where GM underpinned every brand) to a 'multiple-brand, corporate-invisible' brand architecture structure. The company's familiar square blue "badge" was removed from its website and advertising, in favor of a new, subtle all-text logo treatment. October 10, 2008: GM considered exchanging its remaining 49% stake in GMAC to Cerberus Capital Management for Chrysler LLC , potentially merging two of Detroit's "Big Three" automakers. Acquisition talks involving Chrysler were cancelled, however, before November 7, 2008, as part of

4485-472: The "small Ford" and produced the Ford Vedette . The first U.S.-produced postwar compact car was the 1950 Nash Rambler . It was built on a 100-inch (2,540 mm) wheelbase, which was nonetheless still a large car by contemporary European standards. The term "compact" was coined by a Nash executive as a euphemism for small cars with a wheelbase of 110 inches (2,794 mm) or less. It established

4600-809: The 1980s that American cars were being downsized to truly international dimensions. In the 1985 model year, compact cars classified by the EPA included Ford's Escort and Tempo as well as the Chevrolet Cavalier. For the 2019 model year, the best sellers were the Toyota Corolla and Honda Civic. In Japan, vehicles that are larger than kei cars , but with dimensions smaller than 4,700 mm (185.0 in) long, 1,700 mm (66.9 in) wide, 2,000 mm (78.7 in) high and with engines at or under 2,000 cc (120 cu in) are classified as "small size" cars. Small-size cars are identified by

4715-500: The Chapter 11 reorganization of "new GM" from the old is one of the largest successful corporate reorganizations in U.S. history, and the fourth-largest bankruptcy in U.S. history by total assets, following Lehman Brothers Holdings Inc. , Washington Mutual and WorldCom Inc. The same day, GM reported 88,000 U.S. employees, and announced plans to reduce its U.S. workforce to 68,000 by the end of 2009. On July 23, 2009, "new GM" announced its new board of directors: Daniel Akerson (of

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4830-569: The Chevrolet branding, the YGM1, like the production car, was the work of GM's Australian arm, Holden . Along with the styling, Holden executed most of the engineering work and were responsible for devising the "Cruze" nameplate. The Cruze came either with a 1.3- or 1.5-liter engine coupled to either five-speed manual or four-speed automatic transmissions. Manufactured by Suzuki in Japan, GM revealed

4945-523: The Chinese version also got a market-specific redesigned front end. The rear end in other markets remained unchanged. Engines fitted to the Cruze are the 1.6-liter Family 1 inline-four , a 1.8-liter version of the same , and a 2.0-liter VM Motori RA 420 SOHC turbocharged common rail diesel , marketed as VCDi . All three engines are coupled to a five-speed manual or optional six-speed automatic transmission featuring Active Select . When

5060-562: The Cobalt and its badge engineered counterpart, the Pontiac G5 in 2010, just prior to the manufacturing of the Chevrolet Cruze was to commence. The first renderings of the Cruze were revealed by GM at a press conference on July 15, 2008, with the first official images released on August 21, 2008. At the ceremony of the start of production of Cruze at Ohio, Mark Reuss , the president of GM's North American operations said, "This

5175-544: The Cruze built at the Elizabeth, South Australia factory from late 2011 joined the Cruze sedan manufactured there since March 2011. GM in the United States has upgraded the existing plant in Lordstown, Ohio to manufacture the Cruze, investing more than US$ 350 million . The Australasian New Car Assessment Program (ANCAP) in May 2009 awarded the Cruze five out of five stars in their crash safety test, with 35.04 out of

5290-450: The Cruze launched in the United States in 2010, a new 1.4-liter Family 0 turbocharged gasoline engine was introduced. North American models fitted with the 1.8-liter gasoline engine have also been upgraded to a standard six-speed manual. In 2011, a new 2.0-liter Family Z diesel engine marketed as VCDi replaced the previous VM Motori VCDi unit of equal displacement. Since late 2011, Chinese market models have been available with

5405-829: The Cruze was to become available in Malaysia with the 1.6 and a 1.8-liter engines. The Naza automotive group in Malaysia has announced that it's expecting to launch the Cruze in the Malaysian market for the first time in the second quarter of 2010 and they are expecting to sell 1,200 to 1,500 units in 2010. In Thailand, the car launch in December 2010, built at GM's Rayong facility. Specification levels comprised: Base (1.6-liter), LS (1.6- and 1.8-liter), LT and LTZ (1.8-liter), 6-speed automatic are standard in all models except 1.6 Base used 5-speed manual, with an optional 2.0-liter VCDi available on LTZ variant with 6-speed automatic. In

5520-586: The Cruze with an isolated four-point engine mount and implemented sound damping material in areas including the front-of- dashboard panel, luggage compartment , decklid internals, doors, carpet and headlining . Further noise suppression through the use of a triple-layer sealing system in the doors has also been employed. A five-door Cruze hatchback was unveiled as a concept car at the 2010 Paris Motor Show on October 1, 2010. Cruze hatchback sales began in Europe in mid-2011. Holden in Australia were responsible for

5635-399: The Cruze's body structure is 65 percent high-strength steel. MacPherson struts are utilized in the front suspension with a solid torsion beam axle for the rear, avoiding the cost and complexity needed for a modern multi-link independent rear suspension used by some more expensive rivals. According to GM's global product development chief Mark Reuss, the North America version Cruze

5750-462: The Democratic and Republican political parties. Prior to the U.S. Senate's announcement, General Motors announced that it had hired several lawyers to discuss the possibility of filing for bankruptcy , with Chapter 11 bankruptcy being one of the options discussed. GM stated that "all options are on the table" for the company. Chrysler LLC , which is owned by Cerberus Capital Management , in

5865-713: The Holden brand. Replacing the Holden Viva , the Cruze reached dealerships on June 1, 2009. The Cruze hatchback also became the replacement for the Holden Astra , dropped from the Holden lineup the following August. Given the model designation JG , the Holden Cruze was launched with the 1.8-liter petrol engine and optional 2.0-liter turbodiesel. Both engines are mated to the five-speed manual transmission or optional six-speed automatic. On March 18, 2010, Holden issued

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5980-717: The Honda City, Toyota Yaris, Toyota Corolla Altis 1.6, and the Changan Alsvin. General Motors Chapter 11 reorganization The 2009 General Motors Chapter 11 sale of the assets of automobile manufacturer General Motors and some of its subsidiaries was implemented through Chapter 11, Title 11, United States Code in the United States bankruptcy court for the Southern District of New York . The United States government-endorsed sale enabled

6095-524: The Hummer brand to China -based Sichuan Tengzhong Heavy Industrial Machinery Company Ltd. and a group of private investors (Mr. Suolang Duoji, a private entrepreneur with holdings that include the Hong Kong-listed thenardite producer Lumena, would have held the remaining 20 percent stake.) The sale would have net GM around $ 150 million. The deal would have included manufacturing to continue in

6210-481: The Ignis marketed as a conventional passenger model. From 2003, Suzuki of Europe began manufacturing the Cruze as the Suzuki Ignis—representing a facelift of the original Ignis, but only for European markets. In 2008, GM introduced the Cruze compact car, carrying the "J300" internal designation. Mainly developed by GM Korea , this J300 iteration serves as a replacement for the Chevrolet Cobalt , Daewoo Lacetti and Holden Astra compact cars. GM phased out production of

6325-449: The Lordstown plant—to address a potential loss of power brake assist, due to a faulty microswitch in the power brake vacuum pipe assembly of Cruzes with the 1.4-liter engine and the 6T40 automatic transaxle. GM stated awareness of 27 low-speed crashes due to brake issues that might have involved this fault. On March 28, 2014, GM halted sales of 2013- and 2014-model Cruzes with 1.4-liter engines (about 60% of Cruzes), initially without stating

6440-406: The NGMCO Inc. ("New GM") to purchase the continuing operational assets of the old GM. Normal operations, including employee compensation , warranties , and other customer services were uninterrupted during the bankruptcy proceedings. Operations outside of the United States were not included in the court filing. The company received $ 33 billion in debtor-in-possession financing to complete

6555-637: The North American-built Cruze for model year 2012 include the availability of the six-speed manual transmission for the 1.4-litre turbocharged engine, plus models not equipped with power front seats no longer have the front seat cushion tilt option. Compact car In Japan, small size passenger vehicle is a registration category that sits between kei cars and regular cars, based on overall size and engine displacement limits. The United States Environmental Protection Agency (EPA) Fuel Economy Regulations for 1977 and Later Model Year (dated July 1996) includes definitions for classes of automobiles. Based on

6670-738: The Philippines, the Cruze replaced the aging Optra in 2010. The Cruze came in 3 different variants; the entry-level "1.8L" the mid-range "1.8LS" & the top-spec "1.8LT". All variants are powered by Chevrolet's 1.8L inline-four ECOTEC engine coupled to a 5-speed manual or 6-speed automatic transmission (LS & LT variants only) with manual mode (LT variant). The "LS" featured three-spoke leather-wrapped steering wheel, fabric seats, 6-disc 6-speakers audio system with MP3 playback & USB connectivity, keyless entry, immobilizer, automatic climate controls, ABS, dual front & side airbags among other features. The "LT" variant featured upgraded leather seats & 17-inch alloy wheels. By 2011, Chevrolet introduced

6785-447: The South Korean factory began on February 24, 2009. Mexico became the first North American country to receive the car, going on sale for the 2010 model year in late 2009. Imported from South Korea, the Chevrolet Cruze in Mexico replaces both the Chevrolet Astra (last sold in 2008) and Optra as the compact offering there. The US and Canadian version of the Chevrolet Cruze entered limited production at Lordstown, Ohio , in July 2010 as

6900-423: The U.S. Treasury advanced a secured loan of US$ 360.6 million to GM, and GM issued a note to the Treasury for US$ 360.6 million, plus $ 24.1 million USD as additional compensation for the warranty advance, pursuant to the terms of the Warranty Agreement dated December 31, 2008, between GM and the U.S. Treasury. The loan funded a separate account established by GM Warranty LLC, a new special purpose subsidiary of GM that

7015-435: The U.S. Treasury, Canada, and a labor union, purchased the desirable assets of "old GM" via the bankruptcy process, thus renaming it to "General Motors Company" and forming a "new GM". This marked the emergence of a new operation from the "pre-packaged" Chapter 11 reorganization. The claims of former stakeholders and remaining pre-petition creditors of "old GM" would be handled by the "Motors Liquidation Company", with

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7130-407: The U.S. were imports or small American cars, out of a total market of five million cars. Market research indicated that five percent of those surveyed said they would consider a small car, suggesting a potential market size of 275,000 cars. By 1955, the Nash Rambler that began as a convertible model became a success and was now available in station wagon , hardtop , and sedan body styles. During

7245-420: The U.S. would initially likely become the largest shareholder of the reorganized GM following a bankruptcy filing and re-emergence from bankruptcy. The U.S. government would invest up to $ 50 billion and own 60% of the new GM and the Canadian government would own 12.5%. Some observers also claimed that creditors were encouraged to push GM into bankruptcy protection because it would trigger a credit event, and thus

7360-423: The United States and Mexico, production ended in 2019, while production in China ended in 2020. Production continued in Argentina until 2023. It was replaced by the Monza in China, which is known as the Cavalier in Mexico. Previously, the nameplate has been used for a version of a subcompact hatchback car produced under a joint venture with Suzuki from 2001 to 2007, and was based on the Suzuki Ignis . Before

7475-550: The United States, the Cruze received the highest possible ratings of "good" in front moderate overlap, side, rear and rollover crash protection tests by the Insurance Institute for Highway Safety (IIHS), who listed the Cruze as a 2011 Top Safety Pick . The Cruze received a "marginal" rating in the small overlap test. The National Highway Traffic Safety Administration (NHTSA) gave the Cruze the agency's highest five-star safety rating, based on its score for frontal impact (driver and passenger), side impact (driver and passenger), and for

7590-409: The automakers, but also the unions and other stakeholders would have to be involved. December 19, 2008: President Bush approved a bailout plan and gave General Motors and Chrysler $ 13.4 billion in financing from TARP ( Troubled Assets Relief Program ) funds, as well as $ 4 billion to be "withdrawn later". As of February 14, 2009: General Motors was considering filing for Chapter 11 bankruptcy under

7705-449: The base model Cruze LS is equipped with the 1.8-liter gasoline engine and comes with air-conditioning and power locks, the higher-level LT and LTZ models is fitted with the 1.4-liter turbocharged gasoline engine. For the Eco model, aerodynamic improvements have been made such as an electronically controlled air shutter that adjusts air flow to the engine depending on the temperature, wind speed and tow weight. To save weight, Chevrolet replaces

7820-545: The beginning of a downsizing of all vehicles so that cars such as the AMC Concord and the Ford Fairmont that replaced the compacts were re-classified as mid-size, while cars inheriting the size of the Ford Pinto and Chevrolet Vega (such as the Ford Escort and Chevrolet Cavalier ) became classified as compact cars. Even after the reclassification, mid-size American cars were still far larger than mid-size cars from other countries and were more similar in size to cars classified as "large cars" in Europe. It would not be until

7935-452: The bondholders of General Motors Corporation was also represented in court. One of the first motions filed in court was one to void the leases on the seven corporate jets, and corporate aircraft hangar at Detroit Metropolitan Wayne County Airport, for being no longer valuable to the company's business — a lease that the company had, according to its spokesman, found itself unable to escape in 2008 when it had tried to. On June 1, 2009,

8050-400: The combined passenger and cargo volume, compact cars are defined as having an interior volume index of 100–109 cu ft (2.8–3.1 m ). The beginnings of U.S. production of compact cars were the late 1940s prototypes of economy cars, including the Chevrolet Cadet and the Ford Light Car. Neither car reached production in the U.S., however Ford SAF in France bought the plans of

8165-435: The company's proposals had avoided tough decisions, and that Chapter 11 bankruptcy appeared the most promising way to reduce its debts, by allowing the courts to compel bondholders and trade unions into settlements. GM Chairman and CEO Rick Wagoner was also forced to resign. GM bondholders rejected the government's first offer, but the unions agreed to the preferential terms. A bondholder debt to equity counteroffer

8280-551: The court filing. The General Motors Chapter 11 filing formally was entitled " In re General Motors Corp.", and was case number 09-50026 in the Southern District, Manhattan, New York. General Motors was represented by the New York specialist law firm Weil, Gotshal & Manges. The United States Treasury was represented by the United States Attorneys Office for the Southern District of New York and Cadwalader, Wickersham & Taft LLP. An ad hoc group of

8395-648: The court gave interim approval to GM's request to borrow US$ 15 billion as debtor-in-possession funding, the company only having US$ 2 billion cash in hand. The United States Treasury argued in court that it was the only source of such debtor in possession funding, and that without the money from the loan General Motors would have no option but liquidation . Other motions in the first-day hearing included motions to approve payments to key suppliers and to employees and distributors who are in possession of goods manufactured for General Motors. All motions passed in court without substantial objection. The case schedule laid out by

8510-501: The court is as follows: General Motors auctioned off its assets in a section 363 sale . Because the price of these assets were very high, there was only one bidder in the auction, NGMCO Inc. ("New GM"). This company was formed by the United States government with a 60.8% stake, the federal government of Canada and provincial government of Ontario with an 11.7% stake, the United and Canadian Auto Workers unions VEBA fund with

8625-783: The design and development of the hatchback body variant. GM unveiled the Chevrolet Cruze station wagon in February 2012 at the Geneva Motor Show . Load space ranges from about 500 litres (20 cu ft) up to the window line in the rear, to nearly 1,500 litres (50 cu ft) up to the roof top with the rear seats folded down. Cruze production sites include Gunsan, Jeonbuk , South Korea; Saint Petersburg , Russia; Shenyang , China; and Halol , India; Hanoi , Vietnam since April 2010 in complete knock-down (CKD) form, Ust-Kamenogorsk , Kazakhstan from May 2010; Rayong , Thailand after December 2010, and São Caetano do Sul , Brazil from 2011. Holden's localized hatchback version of

8740-599: The end no sale could be finalised and Hummer was declared defunct on May 24, 2010. On June 5, 2009, GM announced that the Saturn brand would be sold to the Penske Automotive Group . GM was to continue to build the Aura , Outlook and Vue for Penske for two years, however, as of September 30, 2009, the deal had fallen through. Penske had asked GM to extend the time it was to build Saturns until it could reach

8855-448: The end of 2008. G.M. lost $ 30.9 billion, or $ 53.32 a share, in 2008 and spent $ 19.2 billion of its cash reserves. Mr. Wagoner met with President Obama’s auto task force, and the company said that it could not survive much longer without additional government loans. On the March 30, 2009 deadline, President Barack Obama declined to provide financial aid to General Motors, and requested that General Motors produce credible plans, saying that

8970-622: The federal courts in New York, because those courts have a reputation for expertise in bankruptcy. In a press conference later that day, the GM Chief Executive Officer, Fritz Henderson , stressed that he intended for the bankruptcy process to move quickly. In addition to Mr Henderson's press conference, President of the United States Barack Obama made a speech from the White House after

9085-430: The former corporation's assets. General Motors was financially vulnerable before the automotive industry crisis of 2008–2010 . In 2005, the company posted a loss of US$ 10.6 billion (~$ 15.9 billion in 2023). In 2006, its attempts to obtain U.S. government financing to support its pension liabilities and also to form commercial alliances with Nissan and Renault failed. For fiscal year 2007, GM's losses for

9200-452: The front-end to bear a closer resemblance to Holden's larger VE II Commodore . Further differentiation from the original has been achieved via the fitment of amber front indicator lights, jewelled bezel headlamps, remodelled wheel trims, and through adjustments to the lower portion of the rear bumper. Carrying over largely unchanged is the 1.8-liter petrol inline-four, tweaked to yield slight enhancements in drivability. The 1.8-liter automatic

9315-527: The headline change was the release of the turbocharged 1.4-liter engine, dubbed iTi by Holden for intelligent turbo induction . The inclusion of the 1.4 also brings an upgrade to electric (as opposed to hydraulic) power steering and affixes a Watt's linkage to the torsion beam rear suspension . In mid-November 2011, Holden released the MY12 update to the Series II Cruze. This update coincided with

9430-629: The largest corporate Chapter 11 bankruptcies in U.S. history. The Chapter 11 filing was the fourth-largest in U.S. history , following Lehman Brothers , Washington Mutual and WorldCom. A new entity with the backing of the United States Treasury was formed to acquire profitable assets, under section 363 of the Bankruptcy Code, with the new company planning to issue an initial public offering (IPO) of stock in 2010. The remaining pre-petition creditors claims are paid from

9545-533: The major U.S. car manufacturers made a push toward compact cars, resulting in the introduction of the Studebaker Lark , Chevrolet Corvair , Ford Falcon , and Plymouth Valiant . These models also gave rise to compact vans built on the compact car platforms, such as the Studebaker Zip Van, Chevrolet Corvair Greenbrier , Ford Econoline , and Dodge A100 . During the 1960s, compacts were

9660-530: The matter. Holden announced on December 22, 2008, that its Elizabeth, South Australia production line would be split to commence local production of the Cruze sedan and the Australian-developed hatchback. Production was originally scheduled to start by September 2010. However, it was confirmed in January 2010 that production would begin in March 2011. The announcement to assemble the car came as

9775-489: The name General Motors Company. The purchase was supported by $ 50 billion in U.S. Treasury loans, giving the U.S. government a 60.8% stake. The Queen of Canada , in right of both Canada and Ontario , held 11.7% and the United Auto Workers , through its health-care trust ( VEBA ), a further 17.5%. The remaining 10% was held by unsecured creditors . In other words, a company called "NGMCO Inc.", financed by

9890-538: The new company planning to issue an initial public offering (IPO) of stock in 2010. The directors of Motors Liquidation Company stated that they believed shares in the "old" GM would eventually have no value since the company had far more debts than assets. Under the reorganization process, termed a 363 sale (for Section 363 which is located in Title 11 , Chapter 3, Subchapter IV of the United States Code ,

10005-447: The next several days to assess the situation and will advise on the next steps next week." On February 23, 2010 GM sold Saab to Spyker Cars , later renamed Swedish Automobile . The Saab brand would collapse under Spyker in 2012 after filing for bankruptcy . As part of a reorganization plan agreed to with the U.S., Canadian and Ontario governments, and the company's unions, General Motors filed for Chapter 11 bankruptcy protection in

10120-699: The passenger and cargo compartments were introduced in the late 1970s. In the early 1970s, the domestic automakers introduced even smaller subcompact cars that included the AMC Gremlin , Chevrolet Vega , and Ford Pinto . In 1973, the Energy Crisis started, which made small fuel-efficient cars more desirable, and the North American driver began exchanging their large cars for the smaller, imported compacts that cost less to fill up and were inexpensive to maintain. The 1977 model year marked

10235-640: The popular Volkswagen Beetle . Compact cars were also the basis for a new small car segment that became known as the pony car , named after the Ford Mustang , which was built on the Falcon chassis. At that time, there was a distinct difference in size between compact and full-size models. Early definitions of vehicle size class were based on wheelbase, with models under 111 inches as compact, 111 to 118 inches intermediate, and over 118 inches as full size, at least until EPA classes based on interior volume of

10350-477: The process. GM filed for Chapter 11 reorganization in the Manhattan New York federal bankruptcy court on June 1, 2009, at approximately 8:00 am EDT. June 1, 2009, was the deadline to supply an acceptable viability plan to the U.S. Treasury. The filing reported US$ 82.29 billion in assets and US$ 172.81 billion in debt. After the Chapter 11 filing, effective Monday, June 8, 2009, GM was removed from

10465-529: The production Chevrolet Cruze in October 2001, with Japanese sales commencing the following month. From 2002 through to 2006 this generation of Cruze was sold in Australia (as Holden) and New Zealand (as Chevrolet). The production Cruze had standard front-wheel drive , with all-wheel drive optional. Chevrolet pursued a marketing strategy that positioned the high-riding Cruze as a light-duty sport utility vehicle (SUV). This contrasted with Suzuki's approach with

10580-692: The rating for pedestrian protection was a much lower 34 percent. The South Korean-specification Cruze—the Daewoo Lacetti Premiere—received the top rating of five stars in the Korean New Car Assessment Program's (KNCAP) frontal, offset frontal, side, and whiplash tests. The Cruze in its most basic Latin American version received 4 stars for adult occupants and 3 stars for infants from Latin NCAP in 2011. In

10695-653: The release of the global Chevrolet Cruze compact sedan in 2008, General Motors made use of the name "Cruze" between 2001 and 2008 in Japan, Australia (as Holden Cruze), and New Zealand. Announced as the Chevrolet YGM1 concept car at the Tokyo Motor Show in 1999, the original Cruze was derived from the subcompact Suzuki Ignis five-door hatchback (known as the Suzuki Swift in Japan). Despite

10810-472: The release of the hatchback body variant and saw Bluetooth telephone connectivity standard across the range. In April 2013, the Series II Cruze received an update and price drops along with many other new extras such as a larger 1.6-liter turbocharged engine as standard on the SRi and SRi-V, replacing the 1.4-liter turbo. Holden ended manufacturing of the Cruze at its Elizabeth plant on October 7, 2016, replaced by

10925-508: The requirements set by the White House, a prepackaged bankruptcy is probable. President Obama reiterated that GM will be part of the future even if bankruptcy is necessary. April 22, 2009: GM stated that it will not be able to make their June 1, 2009, debt payment. April 24, 2009: GM announced that they will be scrapping the Pontiac brand in an effort to invest more money into their major brands (Buick, Cadillac, Chevrolet, and GMC). It

11040-503: The same court by General Motors Corporation (the main GM in Detroit), GM's subsidiary Saturn LLC , and Saturn LLC's subsidiary Saturn Distribution Corporation. All cases were assigned to Judge Robert Gerber . The filing by the dealership declared General Motors to be a debtor in possession . The Manhattan dealership's filing allowed General Motors to file its own bankruptcy petition in

11155-496: The side pole test (driver). NHTSA graded the Cruze at four out of five stars for rollover safety performance. According to Consumer Reports , during its first year, the Cruze scored the lowest in reliability among compact sedans. GM announced in April 2011 that 2,100 Cruzes in North America would be recalled following a report of the steering wheel breaking away from the steering column during motion. On June 22, 2012, GM issued

11270-553: The smallest class of North American cars, but they had evolved into only slightly smaller versions of the 6-cylinder or V8-powered six-passenger sedan. They were much larger than compacts (and sometimes even mid-sizers) by European manufacturers, which were typically five-passenger four-cylinder engine cars. Nevertheless, advertising and road tests for the Ford Maverick and the Rambler American made comparisons with

11385-460: The space saving spare tire and jack on the Eco model with a tire inflator kit, reducing weight by 12 kilograms (26 lb). Standard safety equipment includes electronic stability control and ten airbags, including side rear-seat and front knee airbags not fitted on models produced in the original South Korea facility. The Cobalt's badge engineered twin, the Pontiac G5 , has not been replaced by

11500-428: The stock symbol was changed to MTLQQ (" Motors Liquidation Company "). Despite these developments, the organization expressed optimism in the future success of a "new GM". On July 10, 2009, after an auction process and approval by Judge Gerber concluded, GM's continuing operational assets and trademarks were transferred to the sole bidder, a primarily government-owned entity called "NGMCO Inc.", which upon sale assumed

11615-842: The time, while the Datsun was an all-new vehicle. These vehicles were followed by the Hino Contessa in 1961, the Isuzu Bellett , Daihatsu Compagno and Mazda Familia in 1963, the Mitsubishi Colt in 1965, and the Nissan Sunny , Subaru 1000 , and Toyota Corolla in 1966. Honda introduced its first four-door sedan in 1969, called the Honda 1300 . In North America, these cars were classified as subcompact cars . By 1970, Nissan released its first front-wheel-drive car which

11730-535: The turbodiesel engine variant. Inline with the February 2011 renaming of "GM Daewoo" to "GM Korea", the Lacetti Premiere adopted the international "Chevrolet Cruze" name from March 2, 2011. For the owners of the previous model, Lacetti, GM Korea decided to replace the old emblem to that of Chevrolet for free. The Chevrolet Cruze was launched in the Chinese market on April 18, 2009, as a sedan manufactured at GM India's Halol factory. Transmission choices were

11845-404: The two plants that GM already uses to produce the Hummer trucks through June 2011, with a possible extension until 2012. On February 24, 2010, GM announced that the sale could not be completed with Sichuan Tengzhong and that they would discontinue the brand. They were approached by several other companies interested in purchasing the Hummer brand and began reviewing potential buyers. However, in

11960-399: The vehicle be able to maintain a maximum speed over 100 km/h (62 mph), weigh below 400 kg (882 lbs), fuel consumption at 30 km/L (85 mpg ‑imp ; 71 mpg ‑US ) or more, at an average speed of 60 km/h (37 mph) on a level road, and not require maintenance or significant service for at least 100,000 km (62,000 mi). This established

12075-441: The year were US$ 38.7 billion, (~$ 54.8 billion in 2023) and sales for the following year dropped by 45%. On November 7, 2008, General Motors reported it had projected it would run out of cash around mid-2009 without a combination of government funding, a merger, or sales of assets. Ten days later General Motors representatives, along with executives from Ford and Chrysler testified about their need for financial aid at

12190-514: Was announced that on Monday, June 8, 2009, GM would be removed from the Dow Jones Industrial Average , and replaced by Cisco Systems . This coincided with the announcement that Citigroup Financial would also be removed and replaced by insurer Travelers Co. $ GM was delisted from the NYSE. Beginning June 2, GM stock traded on the Pink Sheets OTC market under the symbol GMGMQ. On July 15,

12305-528: Was expected to keep a 35% minority stake in the new company. It was announced on November 3, 2009, that the GM board had decided not to sell off Opel. However, after the reorganization in 2017, Opel and Vauxhall would later be sold to Groupe PSA for $ 2.3 billion (~$ 2.81 billion in 2023). On the morning of June 1, 2009, Chevrolet-Saturn of Harlem , a dealership in Manhattan that is owned by GM itself, filed for bankruptcy protection there, followed in

12420-690: Was first sold in South Korea , then Malaysia , then in other markets. The 2014 Cruze was tested by the IIHS and received a Top Safety Pick award: On April 12, 2014, at the New York International Auto Show , Chevrolet announced a refreshed 2015-model Cruze with an updated grille and a more angular shape similar to that of the Malibu . For Asian markets, the car's rear end was restyled with new lamps , trunk lid, and bumper ;

12535-441: Was formed to operate the warranty program. GM also on May 29, 2009, contributed $ 49.2 million to GM Warranty LLC to fund the program. On May 30, 2009, it was announced that a deal had been reached to transfer New Opel ( Opel plus Vauxhall , minus Saab ) assets to a separate company majority-owned by a consortium led by Sberbank of Russia (35%), Magna International of Canada (20%), and Opel employees and car dealers (10%). GM

12650-431: Was ignored. Efforts to sell General Motors' European operations ran into difficulties, as the corporation was expected to file for bankruptcy protection by June 1, 2009. United States government officials suggested that, if they were satisfied with the company's plans to restructure, the U.S. government would take at least a 50% equity stake and reserve the right to name board members . On May 31, 2009, news broke that

12765-421: Was nearly out of cash, and may not survive past 2009. The U.S. Senate voted and strongly opposed any source of government assistance through a bailout bridge loan (originally worth $ 14 billion in emergency aid) which was aimed toward helping the struggling Big Three automakers financially, despite strong support from President George W. Bush and President-elect Barack Obama , along with some mild support from

12880-615: Was originally developed by Prince Motor Company which had merged with Nissan in 1966. This was introduced in 1970 as the Nissan Cherry . In 1972, the Honda Civic appeared with the CVCC engine that was able to meet California emission standards without the use of a catalytic converter . In Pakistan, the concept of compact cars is significant. The most common cars tend to be Kei cars . Popular compact cars in recent times are

12995-634: Was replaced by Fritz Henderson . In announcing that plan, on March 30, 2009, President Obama stated that both GM and Chrysler may need to use "our bankruptcy code as a mechanism to help them restructure quickly and emerge stronger". He also announced that the warranties on cars made by these companies would be guaranteed by the U.S. Government . March 31, 2009: President Barack Obama announced that he would give GM 60 additional days to try and restructure their company and prove their viability. If they succeeded, Washington would provide General Motors with additional bridge loans. However, if GM could not meet

13110-658: Was restyled and renamed for the Australasian market as the Holden Astra Sedan , as a sedan complement to the Holden Astra family. Due to the market shift towards SUVs and decreasing sales, the Cruze has been gradually phased out. Production of the Cruze in South Korea ended in 2018 as part of restructuring of GM Korea , which in turn ceased supply of the Holden Astra Sedan to Australasia. In

13225-574: Was the second discontinuation of a major GM brand in the 21st century, after Oldsmobile (which ended production in 2004). May 4, 2009: German Economy Minister Karl-Theodor zu Guttenberg said Fiat (among others) might be interested in the GM European unit. June 1, 2009: GM filed for Chapter 11 Bankruptcy , the fourth largest filing in the United States history after Lehman Brothers , Washington Mutual , and Worldcom . On June 29, 2009, General Motors announced that they would discontinue

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