Why General Motors went bankrupt General Motors Corp filed for bankruptcy on Monday, forcing the 100-year-old iconic car major which has been one of the most visible symbols of American capitalism and economic might into uncharted waters of nationalisation or government ownership.
This is the third-largest bankruptcy filing in American history and the largest-ever US bankruptcy in the manufacturing arena. US Chapter 11 bankruptcy protection gives GM time to restructure its finances while being protected from its creditors. The bankruptcy is likely to change GM drastically and 20,000 workers are likely to lose their jobs. GM has 92,000 employees in the United States and supports 500,000 retirees under the contract filed with the workers' union. So why has the world's best known car company gone bankrupt? What led to the fall of the giant and how will the developments unfolding in the US affect GM India? Read on. . . *Text: Rediff Business Desk* *Image:* The General Motors building is seen beside the Detroit River in Detroit, Michigan. *Photographs:*Molly Riley/Reuters http://business.rediff.com/slide-show/2009/jun/01/slide-show-1-why-general-motors-went-bankrupt.htm --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en -~----------~----~----~----~------~----~------~--~---
