The widely expected news of General Motors Corp. filing for
Chapter 11 bankruptcy has news outlets -- and Americans for that matter -- in a frenzy. GM will get $30.1 billion in financing as it cuts jobs and debt, and looks to a greener future.
The Deal has reporters in bankruptcy court and elsewhere feeding a
topic center named Detroit Breakdown, where you can see actual court documents -- the bankruptcy petition is already posted -- and get an analysis of what the bankruptcy means to the U.S. labor unions, bondholders, the auto industry and more. Our bankruptcy staff also has trend analysis about 363 Sale Proposals and more.
In a
statement about the bankruptcy,
GM president and CEO Fritz Henderson said, "From day one, the New GM
will be well-positioned to capitalize on the award-winning vehicles we
have developed and launched during the past few years, and on our
investments in exciting new technologies like the Chevy Volt."
And if you happen to be by a TV, Henderson will host a press conference right after a media briefing by President Obama at about 11:55 a.m. Henderson will address the media separately from New York following the president.
The Detroit Breakdown topic center also has news on Chrysler LLC, which is selling most of its assets to a new company run by Italian automaker Fiat SpA. -
Baz HiralalGo to Detroit BreakdownSee GM's bankruptcy announcement
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