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General Motors Chapter 11 reorganization; Date: 2009: Location: U.S. Cause: Bankruptcy: Motive: 2008 automotive crisis: Organised by: U.S. bankruptcy court: Verdict: Sale of General Motors subsidiaries and assets
In July 2009, after 40 days of bankruptcy protection, the company emerged from the government-backed General Motors Chapter 11 reorganization. [122] As mandated by its bailout agreement, GM began the process of shedding its poorest-performing brands in June 2009: Hummer, Saab, Saturn, and Pontiac.
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On June 1, 2009 General Motors filed for bankruptcy in New York, with $82 billion in assets and $173 billion in liabilities. It was the largest industrial bankruptcy in history.
Jun 2, 2009 · GM filed for Chapter 11 protection against its creditors' demands at 8am local time after racking up losses of $81bn (£50bn) over four years, putting a veteran bankruptcy judge, Robert...
WESTLAW Bankruptcy Daily Briefing. •. March 19, 2021. (March 19, 2021) - A New York bankruptcy judge has authorized closing the last bankruptcy case involving General Motors Corp., concluding one of the largest Chapter 11 bankruptcies ever. In re Motors Liquidation Co. et al., No. 09-50026, (Bankr. S.D.N.Y. Mar. 16, 2021).
On July 10, 2009, a new entity completed the purchase of continuing operations, assets and trademarks of GM as a part of the 'pre-packaged' Chapter 11 reorganization. As ranked by total assets, GM's bankruptcy marks one of the largest corporate Chapter 11 bankruptcies in U.S. history.
About: General Motors Chapter 11 reorganization. The 2009 General Motors Chapter 11 sale of the assets of automobile manufacturer General Motors and some of its subsidiaries was implemented through Chapter 11, Title 11, United States Code in the United States bankruptcy court for the Southern District of New York.
