June 1st, 2009
09:03 AM ET
6 years ago

CNNMoney: GM files for bankruptcy

NEW YORK (CNNMoney.com) - General Motors filed for bankruptcy protection early Monday, a move once viewed as unthinkable but became inevitable after years of losses and market share declines that were capped by a dramatic plunge in sales in recent months.

In the end, even $19.4 billion in federal help wasn't enough to keep the nation's largest automaker out of bankruptcy. The government will pour another $30 billion into GM to fund operations during its reorganization.

Taxpayers will end up with a 60% stake in GM, with the union, its creditors and federal and provincial governments in Canada owning the remainder of the company.

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soundoff (31 Responses)
  1. inofritzn

    Is it just me or is nobody in the media pointing out the fact we dumped billions in to "save" GM from bankruptcy just to have them file???? Shouldn't they have done this in the first place?? Seems like a scam to me....

    June 1, 2009 10:39 am at 10:39 am |
  2. southerncousin

    Hurray for the unions, they have destroyed another company. It is a very long list now.

    June 1, 2009 10:39 am at 10:39 am |
  3. JAY JOHN

    Who will be able to buy the cars with so many americans out of
    work and no paycheck comming in., and if you are fortunate to
    have a job, with higher taxes and the cost of living going up and
    wages plummeting, you would want to think of taking care of your
    family needs first ( FOOD, HEALTH, RENT,CLOTHING,) not
    buying a new car .

    June 1, 2009 10:43 am at 10:43 am |
  4. Obama keeps putting more of your money....

    down that GM rat hole. I knew there was a reason I didn't vote for him.

    June 1, 2009 10:48 am at 10:48 am |
  5. JAY JOHN

    President Obama promised to produce more jobs for the
    american worker . Not to send the jobs to other coutries

    June 1, 2009 10:49 am at 10:49 am |
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