General Motors Out of Bankruptcy

Wed, 17 Mar 2010 06:55:00 +0000

Where: Detroit, Michigan, USA

July 10, 2009 : The USA’s biggest carmaker, General Motors, had declared bankruptcy on June 1, 2009. When a company is unable to repay its debts to creditors, it can seek legal protection by filing a bankruptcy plea. The action also ensures that all creditors are repaid in equal measure. The case of General Motors (GM) is the largest bankruptcy filing by an industrial company in the USA’s history. The corporation won a second chance to prove itself profitable as it came out of bankruptcy at lightning speed.

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General Motors Out of Bankruptcy