As official as it is going to get. General Motors files for bankruptcy

We're experiencing history folks. General Motors, the largest auto manufacturer and one of the worlds largest corporations has officially filed for bankruptcy in the United States Bankruptcy Court.

We are awaiting a press conference from President Barak Obama regarding GM, and we will bring updates as they become available.

We do know that Chairman Fritz Henderson WILL continue to lead GM through bankruptcy. The fate of Saturn, Hummer and Saab is still up in the air at this point. Going through bankruptcy, GM will carry Chevrolet, Cadillac, Buick, GMC Truck. Hummer, Saturn, Saab and Pontiac will be either phased out or sold.

The New York Stock Exchange was showing GM stock valued at $.75 cents late last night with morning trading showin $.70, though it has steadily gone back up all morning. Currently it is trading at $.98 cents per share.


Post a Comment

Copyright © Automotive News & Concepts. All Rights Reserved.