GM file for chapter 11 bankruptcy.
General Motors has finally filed for Chapter 11 bankruptcy after weeks of speculation, bidding wars etc.
The restructuring is suspected to change GM in a big way, with over 20000 US workers likely to lose their jobs as GM streamlines its operations. GM currently has 173000 employees across the US, Canada and Mexico.
US Chapter 11 bankruptcy protection gives an American company time to restructure its finances while being protected from its creditors.
US Taxpayers will end up with a 60% stake in GM, with the union, its creditors and federal and provincial governments in Canada owning the remainder of the company.
Video from WPRI.com
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