B-A-N-K-R-U-P-T
General Motors filed for Chapter 11 this morning in New York federal court - the third largest bankruptcy in U.S. history, reports CNBC automobile industry reporter Phil Lebeau. The world's largest automaker for over 75 years until 2008 when it was passed by Toyota, GM will likely spend 60 to 90 days in reorganization before emerging as a smaller company.
Posted on June 1, 2009
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