Retrieved on July 15, 2009.
"Corporate Bankruptcy: What Investors Need to Know: When debts outweigh assets, as with GM and Chrysler, protection can help businesses reorganize or liquidate.
For fiscal year 2007, GM's losses for the year were US38.7 billion, 18 and sales for the following year dropped.James Quinn (June 1, 2009).This process is typical of large organizations with complex branding and intellectual property rights issues upon exiting bankruptcy."General Motors' Workforce what channel is the lotto Faces Big Cuts at an 'Unadulterated Speed."How a 'Section 363' sale creates a new GM"."With Sale of Good Assets,.M.2, the company received 33 billion in debtor-in-possession financing to complete the process.
13 The chapter 11 petition was filed in the federal court in Manhattan, New York.