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Official: General Motors Files For Chapter 11 Bankruptcy

Posted in auto industry, GM, Newsworthy by Suzanne Denbow | June 1st, 2009 | 1 Response |


It’s official, another one of the Detroit 3 has bit the dust. This morning, General Motors circulated an official press release confirming they have filed for Chapter 11 bankruptcy.

Attributable to Kent Kresa, Chairman:

“The General Motors Board of Directors authorized the filing of a chapter 11 case with regret that this path proved necessary despite the best efforts of so many. Today marks a new beginning for General Motors. A court-supervised process and transfer of assets will enable a New GM to emerge as a stronger, healthier, more focused and nimbler company with a determination not to just survive but to excel. The Board concluded that the proposed transformation will maximize the value of the enterprise, and the return to the many stakeholders who have been involved with GM over the years.

We are appreciative of the support from the U.S. Treasury, the President’s Task Force on Autos, the UAW and its members, salaried employees and retirees, concurring bondholders, and very importantly, the American taxpayers. The Board is confident that this New GM can operate successfully in the intensely competitive U.S. market and around the world. The Board stands behind the people of GM in embracing this unique opportunity to create value and a new company that will design, engineer, build and market the best cars and trucks in world.”

Source: GM

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One Response

  1. Jaxon says:

    An end of an era for sure. Too bad we couldn’t have ended it last September before dumping billions of our dollars into this obvious black hole this was then and now before power-hungry politicians got a hold of this. Too bad taxpayers will now be subsidizing crappy cars produced by our friendly Government Motors for years to come through tax subsidies and GM consumer tax credits. Too bad we the people have allowed our elitist leaders in D.C. to run over us, our liberties, and our freedoms the last several years (Bush) and months (Obama). An end of an era to be sure.

    At least liquidation deals abound. Sigh.