GM Files Bankruptcy, Judge Approves Chrysler Deal
General Motors followed its smaller rival, Chrysler, into bankruptcy court this morning by filing Chapter 11 bankruptcy in lower Manhattan. The judge in Chrysler’s bankruptcy case meanwhile approved the sale of the company’s assets to Italian automaker Fiat.
The Obama Administration pushed the automaker into bankruptcy in hope of salvaging GM from liquidation. The deal will result in a new GM with the nameplates of Chevrolet, Buick, Cadillac and GMC. The Hummer, Saab and Saturn brands will be looking for new owners.
Tags: Chapter 11 bankruptcy, Chrysler, Fiat, General Motors Bankruptcy