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01 Jun 2009
Car giant General Motors has filed for bankruptcy protection from its creditors, representing the biggest failure of an industrial company in US history.
The company has floundered in recent years after sales nosedived, but the credit crunch has exacerbated the situation to such an extent the company has been forced to file a Chapter 11 petition, ring-fencing itself from creditors.
The US government is now expected to take a 60% stake in the company, bankrolling it to the tune of $30bn (£18.5bn) , while a sweeping restructuring takes place.
GM will move forward with four core brands — Chevrolet, Cadillac, Buick and GMC — and cut four others. The company plans to shed 21,000 staff, about 34 percent of its workforce.
GM has already been gifted $20bn of state aid since the end of last year, but its bankruptcy filing revealed its debts of $173bn dwarfed the handout.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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