Monday, June 1, 2009
General Motors Corporation, filed for a government-assisted Chapter 11 bankruptcy protection. The Global Auto Giant was founded in September 27, 1908 with headquarters in Detroit, Michigan. It is the world's second-largestautomaker after Toyota, as per Global Units Sold in the Year 2008. GM was the global sales leader for 77 consecutive calendar years from 1931 to 2007. It manufactures cars and trucks in 34 countries.
Bankruptcy Filed In: Federal court in
Bankruptcy Chapter Filed: Chapter 11
Assets Reported: US$82.29 billion
Liabilities/Debt Reported: US$172.81 billion
Employees: 266000
Cars and Trucks Manufactured in 2007: 9.35 Million
Cars and Trucks Sales in the U.S (2008): 2,980,688 Units Down − 22.9%
Bankruptcy Rank: 4th after Lehman Brothers Holdings Inc., Washington Mutual, and WorldCom Inc.
Adverse Outcome: On Monday, June 8, 2009, GM would be removed from the Dow Jones Industrial Average, to be replaced by Cisco Systems.
GM HQ: Renaissance Center, Detroit, Michigan, United States
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