It's official: GM files for bankruptcy protection - USATODAY.com
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.
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.
