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 GM Files for Bankruptcy Protection |
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Jun 03, 2009 - 12:38 AM - by badasscobalt
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General Motors files for bankruptcy protection
By DAN STRUMPF and KIMBERLY S. JOHNSON, AP Auto Writers Dan Strumpf And Kimberly S. Johnson, Ap Auto Writers
Mon Jun 1, 7:11 pm ET
NEW YORK – General Motors filed for Chapter 11 bankruptcy protection Monday as part of the Obama administration's plan to shrink the automaker to a sustainable size and give a majority ownership stake to the federal government.
GM's bankruptcy filing is the fourth-largest in U.S. history and the largest for an industrial company. The company said it has $172.81 billion in debt and $82.29 billion in assets.
"The General Motors board of directors authorized the filing of a Chapter 11... [Read More]
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