As part of its restructuring, it sold Hummer and Saab and closed Saturn.
Lookers said it was well ahead of its restructuring programme, which it hopes will bring in large cost savings.
At the time, this was seen as a key piece of its restructuring, and it's something its new chief executive, David Siegel David Siegel, knows something about.
Shares in Bharti Airtel rose after the announcement.American Airlines provided the first details of its restructuring plans since it entered bankruptcy protection in November.
As Henry S. Miller, vice chairman of Wasserstein Perella & Company and head of its restructuring business, put it, "Most people who play in this business believe there is a lot more to come".
The airline, which used the loans as the cornerstone of its restructuring plan when it emerged from bankruptcy last year, has retained Morgan Stanley to find buyers for a range of assets.
In this news this hour, Standard & Poor's cut Ford Motor's long-term debt rating to two notches above junk status, as it questions the success of its restructuring.
The company has long wanted to split-off Kraft, of which it owns 88.6%, as part of its restructuring process.
As part of its restructuring plan, Lucent announced yesterday that it had secured a new $4.5 billion credit line arranged by J. P. Morgan and Salomon Smith Barney.
Also on Thursday, United filed a revised application with the Air Transportation Stabilization Board for $1.6 billion in loan guarantees, which it hopes will provide the basis of its restructuring plan.
The Dutch chemical group Akzo Nobel forecast higher earnings this year but said it would cut more jobs as part of its restructuring.
