G.M. files for Chapter 11
Forced by President Obama, General Motors filed for Chapter 11 bankruptcy Monday morning.
G.M., once the country’s automotive giant, will be nationalized as the government will invest upwards of $30 billion in the company in an effort to make it profitable again.
The filing comes 60 days after Obama gave the company that time span to make significant restructuring efforts to make the company viable.
G.M.’s filing, which can be found on the Wall Street Journal’s website here, is already dominating the news cycle this morning (see here, here and here). Stay tuned for more coverage and lawmaker reaction.
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