GM's Bankruptcy Makes History

General Motors filed for Chapter 11 today in New York, marking the fourth largest bankruptcy filing in U.S. History and the largest industrial bankruptcy. U.S. Judge Robert Gerber approved General Motors’ use of $33.3 billion in financing. General Motors is $172.81 billion in debt and $82.219 billion in assets.

GM will close 14 of its plants and eliminate 2,100 dealerships. According to court filings, GM states it will need 60 days to list all of its liabilities and assets. Gerber will make final approval ruling of the total amount of financing on June 25.

GM will continued to be privately held and under government control for at least six to 18 months. According to Detroit Free Press and the Detroit News, GM is expected to rise from bankruptcy within 60-90 days. The company's assets will be divided on July 10th.

For more information on the automaker’s major move, visit http://detnews.com/article/20090601/AUTO01/906010365/CEO-Henderson--Chapter-11-will-make-General-Motors-more-competitive

OR http://freep.com/article/20090601/BUSINESS01/90601108/GM+wins+access+to+$15B+in+financing

And hear what GM has to say about the bankruptcy: http://link.brightcove.com/services/player/bcpid22879159001?bclid=22378947001&bctid=24833632001