GM Files for Bankruptcy

By: Associated Press
By: Associated Press

General Motors has filed for bankruptcy protection as part of an Obama administration plan to shrink the automaker to a sustainable size and give a majority ownership stake to the federal government.

The fallen icon of American industrial might filed its Chapter 11 petition in New York on Monday. It marks the fourth-largest bankruptcy in U.S. history and the largest for an industrial company.

GM's reorganization plan will rely on up to $30 billion of additional financial assistance from the Treasury Department. That's on top of the $19.4 billion in taxpayer money GM already has received in the form of low-interest loans. will stream President Obama's comments on the bankruptcy shortly before noon today and will also provide overage of GM Chairman Fritz Henderson immediately following.

Is Filing For Bankruptcy Enough To Get General Motors Back On Its Feet?

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  • by rick Location: albion on Jun 10, 2009 at 05:15 AM
    You bet the state of Mich. should pay to help people stop smoking. They got a pockek full of money by sueing the tobacco companys, where did it go? It was supposed to be used for that very reason. Now they have a big tax on tobbaco, where's all that money going? Yes, they should help smokers stop.
  • by jen on Jun 3, 2009 at 06:34 PM
    TIM, be careful what you say about g.m workers, sweetheart, we're the ones who helped keep your job moving, assuming you do work,lets see how important us drop outs have been to Lansing,Michigan and the other States that are down.It's people like you who talk before you even know what your talking about that makes the rest of us sick.By the way I'm not a drop out neither is my husband.
  • by sandy on Jun 2, 2009 at 11:54 PM
    How ironic Tim that if it wasn't for the big3, you probably would't be here. What do you make are you a spoiled rich boy for these men and women work hard to keep america going can you say that. Can you make 15.00 a hour on your family payng all the bills without help from the gov i doubt it very much try to send your kids to college or getting braces no, like i said these people deserve all what they put in, i hope you'll never have to retire thinking if your company is going to take your medical or any kind of benifits you worked for.
  • by Chris Location: dug out cave in mason on Jun 1, 2009 at 08:50 AM
    slavery was defeated in the past , and it will be defeated in the future. Working hard for less money is what slavery is about. This is classism. The problem for the ones in power is they become outnumbered over time. Time will take care of this.
  • by Dave Location: Litchfield on Jun 1, 2009 at 07:56 AM
    I have followed the discussions on this board about GM's closing plants and bankruptcy. It seems that almost all blame either the politicians or the Union for GM's financial woes. It is true that both politicians, (who allowed free trade treaties like NAFTA) and Union leaders (some of whom pursued their own agenda and not that of the membership) share some of the blame. People are conveniently forgetting that GM's top management made poor decisions and paid themselves very lavish, obscenely extravagant, salaries while paying their workers as little as they could get by with. They forgot that if people do not have jobs, they can not afford their products. A businesses' greatest asset is not their financial reserve; but, their people. If people insist on blaming someone (or something) for GM's problems, they SHOULD blame ALL that are responsible---not their favorite scapegoat!
  • by Irony on Jun 1, 2009 at 07:40 AM
    What's really ironic Dim is that all of this stuff started with a Republican administration. Ouch.
  • by Tim Location: Okemos on Jun 1, 2009 at 07:22 AM
    How ironic is it that the company that was for years known as 'Generous Motors' has filed for Chapter 11. For decades, a High School drop out could work for the 'General' and make a VERY good living. Way too many GM'rs had the entitlement thinking, and now they may not have a job. Maybe now they will have to work for a living, and make a LOT less. Well...all the sheep wanted change, and now they have it!
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