General Motors

About General Motors

General Motors filed for Chapter 11 bankruptcy on June 1, 2009, with 82.3 billion in assets. GM was the largest automaker in the world. The Bush administration provided emergency loans in December 2008 to prevent collapse. The Obama administration orchestrated a structured bankruptcy, providing 50 billion in taxpayer funding. The US government took a 60 percent equity stake. GM closed brands including Pontiac, Saturn, Hummer, and Saab. The bankruptcy was completed in 40 days, remarkably fast for a company of this size. The US Treasury eventually recovered 39 billion of the 50 billion investment. The GM bankruptcy saved approximately 1.2 million jobs across the automotive supply chain.