Timeline: Road to rebirth

GM emerged from bankruptcy Friday as a new company, majority-owned by the federal government. Key events in GM history:

Sept. 16, 1908: William C. Durant forms General Motors Corp. as a holding company by incorporating Buick.

Nov. 1908: Olds becomes the second car company to join the GM family.

1909: The Rapid Motor Vehicle Co. of Pontiac, known today as GMC, and Reliance Motor Truck Co. of Owosso, are purchased by GM.

Jan. 1909: GM acquires a 50 percent stake in Oakland Motor Car Co. — now known as Pontiac. Several months later, when Oakland founder Edward Murphy dies, GM takes full control.

1918: Chevrolet joins the GM family. United Motors is folded into GM. It will become the Automotive Components Group in 1988, Delphi in 1995 and spun off in 1999.

1919: GM forms GM Acceptance Corp. to finance the sale of new vehicles.

1925: Vauxhall Motors Ltd. of the United Kingdom is purchased by GM.

1929: GM acquires control of Adam Opel AG of Germany.

1936: GM workers in Flint begin historic sit-down strike in December. The strike will end on Feb. 11, 1937, when GM recognizes the United Auto Workers union.

1942: All of GM’s manufacturing operations are converted to support war-time purposes.

1948: Tail fins debut on the 1948 Cadillac — a styling cue that became a symbol of the American car in the 1950s.

1953: The Chevrolet Corvette, the first production sports car, debuts.

1959: The Chevrolet Corvair is unveiled.

1980: With the U.S. in a major recession and industry sales slumping, GM posts its first financial loss since 1920.

1983: GM and Toyota form a joint venture to manufacture automobiles in California — New United Motor Manufacturing designed to allow GM to grasp Toyota’s vaunted lean manufacturing system. GM unveils plans for a new small car brand to be called Saturn.

1992: GM’s ongoing market share losses and financial woes prompt the board of directors to elect John F. Smith Jr. chief executive officer and president following the resignation of Robert C. Stempel. John G. Smale, retired chairman of Procter & Gamble and a GM director since 1982, is named chairman of the board.

2000: GM announces plans to phase out Oldsmobile.

2005: Billionaire investor Kirk Kerkorian begins amassing a major stake in GM, forcing some restructuring moves, but eventually sells it after failing to convince GM management to later pursue an alliance with Renault-Nissan. Major credit rating firms downgrade GM and Ford debt to junk - a first in modern times.

2007: After a brief strike, GM and the UAW reach an historic agreement that shifts billions of dollars in hourly retiree health care obligations to the union.

Dec. 19, 2008: The Bush administration loans $13.4 billion to GM from the TARP funds. As a condition, GM and Chrysler, which also received aid, must prove their viability as companies by March 31.

March 29, 2009: The Obama administration forces GM CEO Rick Wagoner to resign.

March 30: President Barack Obama tells GM it has not done enough to restructure and wants more aggressive cuts by June 1. Chief Operating Officer Fritz Henderson replaces Wagoner as CEO.

April 27: GM asks bondholders to swap debt for equity to eliminate $24 billion in company debt. Offer fails but bondholders approve a plan a month later that gives them 10 percent of GM, with an opportunity to increase stake to 15 percent.

May 26: UAW agrees to job cuts, 14 plant closures and a 17.5 percent stake in GM to cover retiree health care costs.

May 29: GM, under pressure from UAW, reverses decision to build new small car in China and will instead make it in the U.S.

May 30: German government says plan approved for Canada’s Magna International Inc. to buy GM’s German Opel unit. Negotiations are continuing.

June 1: GM files for bankruptcy protection.

June 9: Former AT&T Chairman Ed Whitacre Jr. named chairman of GM.

July 5: Bankruptcy Judge Robert Gerber approves GM’s plan to sell its best assets to a new, government-owned company.

July 7: Gerber dismisses objections to GM’s sale from those with product liability and asbestos - related claims against GM.

July 9: Deadline to file objections to GM asset sale expires.

July 10: New General Motors Co. begins operations.

Sources: Detroit News research, Associated Press