As has been speculated for some time, GM finally filed for Chapter 11 bankruptcy in a New York court, with $82 billion in assets and $172 billion in debt. The filing, however, remains limited to the US operations of General Motors, and does not include its businesses in other countries. GM Europe in particular has signed an MOU with Magna International, and secured bridge funding of €1.5 billion, which gives Magna a stake in Opel/Vauxhall.
GM has already received $19 billion in financing from the US government, and will now receive almost $30 billion from the government as part of restructuring operation. The government now holds 60.8% stake in GM, but maintains that it will not interfere in operations of the company, with no White House employee serving on the board of GM, or being employed by GM.
Via: GM
