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Taxpayer Bailed out GM Plans to Close 5 Plants

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As car sales slow, General Motors (GM) issued plans to idle five factories in North America, creating anger on both sides of the border. Canada Prime Minister Justin Trudeau issued comments on his disappointment of the GM Oshawa closure, while U.S. President Donald Trump is sending officials to meet with GM executives. The five plants plan to halt production in 2019, which will result in layoffs of about 3,000 people in Canada and 3,300 people in the United States. In addition, GM plans to lower its salaried stuff number by 8,000 people.

At the end of December 2013, GM logged US$ 155.43 billion in revenue versus US$ 145.59 billion for the year of December 2017. GM CEO Mary T. Barra drew US$ 21.96 million in compensation for the year of 2017. She received a salary of US$ 2.1 million.

“We are taking this action now while the company and the economy are strong to keep ahead of changing market conditions,” said GM CEO Barra in a conference call.

In reference to Barra, President Trump commented, “I spoke with her when I heard they were closing and I said, you know, this country has done a lot for General Motors. They better get back to Ohio and soon.”

The plants affected are:
Lordstown, Ohio, USA, makes Chevrolet Cruze compact
Detroit-Hamtramck plant, USA, makes Chevrolet Volt, Buick LaCrosse, and Cadillac CT6
Oshawa, Ontario, Canada, makes Chevy Impala
Baltimore area, USA, Transmission plant
Warren, Michigan, USA, Transmission plant

GM was part of a group of automakers (Chrysler LLC and Ford Motor Company) that participated in the Troubled Asset Relief Program (TARP). On November 8, 2018, these automaker executives pleaded in front of U.S. Congress for taxpayer money. After congressional approval, the U.S. Department of Treasury spent US$ 80.7 billion bailing out the auto industry from December 2008 to December 2014, hitting taxpayers with a loss of US$ 10.2 billion.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Antares Bain Capital Complete Financing Solution Backs symplr Deal

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On December 10, 2018, Antares Bain Capital Complete Financing Solution provided a senior secured unitranche credit facility for Clearlake Capital Group, L.P. to acquire symplr, a healthcare governance, risk, and compliance software-as-a-service platform from Pamlico Capital and The CapStreet Group. Golub Capital provided financing for the transaction as well.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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PSP Investments Exits Antelliq

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On December 14th, Private equity firm BC Partners, Public Sector Pension Investment Board (PSP Investments), and other minority co-investors have signed a definitive agreement with Merck, known as MSD outside the United States and Canada, to sell Antelliq Corporation, a Vitré, France-based provider of digital animal identification, traceability, and monitoring solutions. Upon close, Antelliq will be a wholly owned and separately operated subsidiary within the Merck Animal Health Division. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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JPMorgan Edges Out Hamilton Lane on Florida SBA In-State Mandate

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The Florida State Board of Administration (SBA) manages a plethora of Florida state funds, including the state’s defined benefit plans. Florida’s SBA awarded a private equity portfolio mandate which targets high-technology businesses in Florida to J.P. Morgan Asset Management. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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