GM Files Chapter 11 Bankruptcy

GM Files Chapter 11 Bankruptcy

Following seven months of living off a government lifeline, General Motors Corp. finds itself driven to a Chapter 11 filing today in New York

Following seven months of living off a government lifeline, General Motors Corp. finds itself driven to a Chapter 11 filing today in New York.

The move comes after the auto maker achieves many – but not all – of the government-mandated restructuring requirements meted out 60 days ago that would have kept GM out of bankruptcy court.

GM is expected to reveal which plants will be closed today and could expand the previously announced list of dealers it will shutter.

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