GM Files for BankruptcyJune 1, 2009
On June 1, 2009, General Motors Corporation ("GM") and other affiliated entities (collectively, "Debtors") filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code. The GM bankruptcy, one of the largest in U.S. history, has been widely anticipated since President Obama announced on March 30, 2009 that the carmaker had 60 days to "fundamentally restructure." This anticipation was only heightened when another of the "Big Three" U.S. automakers, Chrysler, filed for bankruptcy on April 30, 2009.
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