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As ranked by total assets, the Chapter 11 reorganization of "new GM" from the old is one of the largest successful corporate reorganizations in U.S. history, and the fourth-largest bankruptcy in U.S. history by total assets, following Lehman Brothers Holdings Inc., Washington Mutual and WorldCom Inc.
The current entity was established in 2009 after the General Motors Chapter 11 reorganization. As of 2024, General Motors ranks 25th by total revenue out of all American companies on the Fortune 500 and 50th on the Fortune Global 500. In 2023, the company was ranked 70th in the Forbes Global 2000.
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Will General Motors close Chapter 11?
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Why did GM file for Chapter 11?
Motors Liquidation Company. Filed for Chapter 11 bankruptcy in 2009. Reorganized as General Motors Company. Motors Liquidation Company ( MLC ), formerly General Motors Corporation, was the company left to settle past liability claims from Chapter 11 reorganization of American car manufacturer General Motors.
Under this plan, GM would prepare a reorganization in cooperation with its bond creditors that would take effect once the company went into a Chapter 11 bankruptcy.
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).
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...
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.
