GM Files for Bankruptcy

June 1, 2009 - 6:43am

UNDATED—General Motors has laid all the groundwork for a historic bankruptcy filing scheduled for Monday morning.

It is the third biggest bankruptcy in U.S. History.

The U.S. Government will take over as a majority owner. Speaking in China, Treasury Secretary, Timothy Geithner, said
the White House is committed to getting the automaker back up and running.

"We're very optimistic that we're going to have these firms emerge stronger, without government assistance going forward because they've undertaken very, very dramatic restructuring...And our objective is to make sure we're limiting our involvement to the minimum necessary, and that we get out of those involvements as quickly as we can," said Secretary Geithner.

GM is hoping to emerge from chapter eleven protection in 60 to 90 days.

Brian Mooar reports from Washington, D.C.

2 comments

What about the Cities and Towns in Texas which only has 1 carlot in it and if that Carlot is GM or Dodge and they close down no one is gonna wanna go 20-40 miles just to get their car worked on and what about the people who had their warranty's expire do they have Yard Ornaments now or what.