By Jon Swartz, USA TODAY
General Motors (GM), the century-old automaking juggernaut reeling from the economic downturn, mounting debt and management problems, filed for bankruptcy early today, launching a complicated, $59 billion effort to save it from collapse.
The filing, at the U.S. Bankruptcy Court in New York's Southern District, is the largest in U.S. manufacturing bankruptcy. It is tantamount to a massive reorganization designed to keep the American institution running. The carmaker's good and bad assets would be separated under what the Obama administration hopes will be a speedy Chapter 11 reorganization.
GM deals Hummer to Chinese buyer
NEW YORK (CNNMoney.com) -- General Motors Corp. has signed a deal to sell its Hummer truck unit to a Chinese industrial company, a person with knowledge of the deal said Tuesday.
The news comes a day after GM (GMGMQ) filed for bankruptcy protection in New York. The company did not identify the buyer nor name a price, saying only that the deal would close by the end of September.