GM files bankruptcy - Tampa Bay Business Journal:

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billion and assets of $82.3 The bankruptcy, filed in New lists unsecured claims bythe ($20.6 and the ($2.7 Other unsecured debt listede in the bankruptcy includes $22.8 billiojn serviced by and $4.5 billion by . Auto retailerzs that survive the bankruptcies of GM and which filed inearly May, hope the bankruptcy helpsz pave the way to recovery in the industry. “Today’ s action will allow GM to move forwarsd and be competitive in the spokesman Marc Cannon said Monday inan e-mailede statement.
“The goal of making GM profitable ata new-unit selling rate will position them for when the industrh begins to recover later in Chrysler is expected to emerge from its Chapter 11 processd soon after shuttering 789 dealerships. GM also announced plans to close 1,100 According to Associated GM will rely on moregovernment assistance: $30 billion of additional financialk assistance from the and $9.5 billio from Canada, on top of about $20 billio it already received in low-interest loans.
GM’s lead bankruptcyt law firm is , with attorne Stephen Karotkin signing the GM President and CEO Frederick Hendersonb signed forthe