GM files for Chapter 11 bankruptcy

Speaking at a White House press conference, President Obama laid out the rationale behind GM's Chapter 11 bankruptcy protection filing. Obama described the sacrifices ahead as necessary to secure, for future generations, an America which 'still makes things, still builds cars'.

US: Further necessary sacrifices ahead – Obama

1 June 2009

US: GM's 'New GM' statement in full

1 June 2009

Given the importance of GM's announcement today, we are also reproducing the full text of GM's press statement:

US [updated 13:20BST]: GM files for bankruptcy

1 June 2009

General Motors filed for bankruptcy today, entering a new and uncertain era of government ownership.

US: Government plans GM Ch11 PR offensive

29 May 2009

The Obama administration has estimated that a General Motors bankruptcy would take at least 60 to 90 days and perhaps longer to complete and is also planning an extraordinary offensive beginning on 2 June of sending senior officials to Midwest communities most affected by job losses and other aspects of GM and Chrysler bankruptcies.

CANADA: GM to reduce NA supplier count

28 May 2009

General Motors aims to reduce the number of North American parts suppliers from about 1,500 to around 1,100 in the next 18 months as the company shrinks due to restructuring.

US: Bondholders' rejection will bankrupt GM

27 May 2009

A General Motors bankruptcy – the largest ever in US industrial history – now appears inevitable after the automaker failed to persuade enough bondholders to accept a debt-for-equity swap last night.

US: GM Chapter 11 would be quick like Chrysler's

15 May 2009

General Motors is likely to follow Chrysler and make a quick sale of its best assets to a new operating company if it files for bankruptcy on 1 June, the automaker has said in a regulatory filing.

GOLDING’S TALK: Lawyers may yet prove that GM is not dead but merely resting

1 May 2009

Chapter 11 is this lovely legal device which allows American companies that are dead to pretend that they are not. A Chapter 11 administrator for GM will – like the pet shop owner in the celebrated Monty Python sketch – be able to reassure customers that GM is not dead but has just been resting.

ANALYSIS: GM bankruptcy: brinkmanship, or smart minds at work?

7 April 2009

The Obama team appears to be moving GM toward a quick, ‘surgical,’ pre-packaged bankruptcy, but parts of Wall Street remain deeply skeptical that it’s actually doable. Is this what one appalled financial outlet called “high-stakes brinkmanship”? John Voelcker reports from Manhattan.