GM emerges from top 10 of Fortune 500

Article by Christian Andrei, on August 27, 2010

Fortune Magazine's annual Fortune 500 list of top-grossing companies in the US has gotten its share of surprises while there were some that merely needed to be confirmed.

Taking top place was Wal-Mart this year, after having gotten second place last year. General Motors could not be seen on the top 10 for the first time in its 101-year-old history.

GM fell from number 6 to number 15. The company recorded revenues of USD104.58 billion, but the profit is missing from the list. Fortune Magazine looks at 2009 as a tornado for General Motors.

For the past year, the company had a tumultuous run with three CEOs, four divested car brands and a bankruptcy reorganization that ended with the US government being its largest shareholders.

GM also had to face the issues related to 2,300 eliminated dealers, 10 closed plants and 21,000 layoffs. But things are looking up for GM.

Sources close to GM's CEO, Ed Whitacre, said that the USD5.8 billion in loans secured from the US and Canada last year for its Chapter 11 proceedings will be repaid in full this week.

On the other hand, Ford stayed in the top 10, dropping from No. 7 to No. 8, with revenues of USD118.3 billion and a profit of USD2.7 billion. Chrysler is nowhere on the list after having had to deal with a bankruptcy and reorganization. [via mlive]

Topics: gm, united states

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