"Oh, the last 18 months have been the most difficult of my life!"
As Susan Docherty buries her head in her hands only half in jest, the vice president for international sales, marketing and after-sales for General Motors can be excused for her use of the dramatic. In town last week for the Abu Dhabi International Motor Show, she spoke over dinner about, among other things, the work involved as she and other executives at GM went through the second-largest bankruptcy in history.
"We were regularly getting two hours sleep a night," says Docherty. "My sleep patterns were so disrupted that it took me two more months afterward just to adjust back to eight hours of sleep. My family says I should write a book about it."
Most people know the details of the US and Canadian governments bailouts of GM and Chrysler last year. The General was given more than US$50 billion (Dh184bn) in funds from the Troubled Asset Relief Program (Tarp) (as well as more bailouts from the Canadian government) and forced into bankruptcy in June 2009, dividing the company into "Good GM" (the part of the company that would survive) and "Bad GM" (the assets that would be sold off or dropped altogether).
The Pontiac, Saturn and Hummer brands were cut, Saab was sold, GM's CEO changed three times and the US government picked up 60 per cent of the company. It was a tense and tumultuous time for the corporate giant and, while some still speculate if using public money to prop up General Motors was wise or not, few can understand the human cost that went on behind the scenes.
Docherty and her colleagues were tasked with getting the company in order for the Chapter 11 protection process, which meant combing through every asset General Motors owned.
"Imagine everything on this table is an asset of GM [and she picks up a spoon]. We had to go through every asset and ask, 'Do we need this?' and 'What do we owe on this?' We would then have to see if the balance was worth it, and put it either into the old GM or the new GM.
"Also, in a bankruptcy setting, the US government needs to have copies of every contract we have; that includes parts suppliers - every muffler contract, every hose clip, everything. Office chairs, building leases, everything. And not only that, we had to have contracts for advertising - and that includes digital houses, newspapers, production houses, PR. Anything that we had any kind of contract for, they needed a copy of."
Because of the sensitive nature of using government funds in the bailouts, politics played a part in the process, and the GM executives weren't the only ones to suffer because of it.
"Some companies we had contracts with did business for GM outside of North America, but because people in North America didn't want their bailout dollars to cover anything outside of the continent, we had to dissolve all of those contracts and start anew.
"We also had to cut payments to our GM divisions outside of the US and Canada; that means that they effectively had no money at all for employee salaries or to purchase new stock. So the dealers and outside divisions had to find the money - loans and credit - on their own. But they had to make do, just like we did.
"On top of all that, we had to do our regular jobs and these bankruptcy jobs all at once in those 18 months. The company also had to carry on as a company, selling cars, developing new products - all the stuff GM usually does."
In November, GM had the biggest IPO in US history, earning more than $13bn, and the 102-year-old car maker is set to make a profit this year. And with a slate of new vehicles scheduled for release, things are looking rosier for General Motors, bringing more than just relief for Docherty after an arduous and uncertain 18 months.
"I've described it to friends like this: imagine GM is an airplane and we're flying it. But at the same time, we're refuelling it, we're re-engineering it, we're taking out passengers and adding new ones, and then everyone on board changes their seat.
"But we've been given a second chance, and I'm very grateful," effuses Docherty. "Believe me, after all that, we're not going to let it happen again."
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
More from Rashmee Roshan Lall
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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Seemar’s top six for the Dubai World Cup Carnival:
1. Reynaldothewizard
2. North America
3. Raven’s Corner
4. Hawkesbury
5. New Maharajah
6. Secret Ambition
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
BUNDESLIGA FIXTURES
Friday (UAE kick-off times)
Borussia Dortmund v Paderborn (11.30pm)
Saturday
Bayer Leverkusen v SC Freiburg (6.30pm)
Werder Bremen v Schalke (6.30pm)
Union Berlin v Borussia Monchengladbach (6.30pm)
Eintracht Frankfurt v Wolfsburg (6.30pm)
Fortuna Dusseldof v Bayern Munich (6.30pm)
RB Leipzig v Cologne (9.30pm)
Sunday
Augsburg v Hertha Berlin (6.30pm)
Hoffenheim v Mainz (9pm)
AIDA%20RETURNS
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The specs
Engine: 2.9-litre, V6 twin-turbo
Transmission: seven-speed PDK dual clutch automatic
Power: 375bhp
Torque: 520Nm
Price: Dh332,800
On sale: now
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
Voy!%20Voy!%20Voy!
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COMPANY%20PROFILE
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Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
Company%20profile
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Company%20Profile
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Personalities on the Plate: The Lives and Minds of Animals We Eat
Barbara J King, University of Chicago Press
UAE%20v%20West%20Indies
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Company%20Profile
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
BAD%20BOYS%3A%20RIDE%20OR%20DIE
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Take Me Apart
Kelela
(Warp)
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
pakistan Test squad
Azhar Ali (capt), Shan Masood, Abid Ali, Imam-ul-Haq, Asad Shafiq, Babar Azam, Fawad Alam, Haris Sohail, Imran Khan, Kashif Bhatti, Mohammad Rizwan (wk), Naseem Shah, Shaheen Shah Afridi, Mohammad Abbas, Yasir Shah, Usman Shinwari
The biog
Job: Fitness entrepreneur, body-builder and trainer
Favourite superhero: Batman
Favourite quote: We must become the change we want to see, by Mahatma Gandhi.
Favourite car: Lamborghini
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Company%20Profile
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HER%20FIRST%20PALESTINIAN
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THE SPECS
Engine: 6.0-litre, twin-turbocharged W12
Transmission: eight-speed automatic
Power: 626bhp
Torque: 900Nm
Price: Dh1,050,000
On sale: now
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
Full Party in the Park line-up
2pm – Andreah
3pm – Supernovas
4.30pm – The Boxtones
5.30pm – Lighthouse Family
7pm – Step On DJs
8pm – Richard Ashcroft
9.30pm – Chris Wright
10pm – Fatboy Slim
11pm – Hollaphonic