On Monday, automaker General Motors (GM) said that it has filed for bankruptcy under Chapter 11 in the United States Bankruptcy Court in the Southern District of New York. In its filing, the company revealed that it had assets equivalent to $82.29 billion, and total debts, on a consolidated basis, of $172.81 billion, as at March 31, 2009.
In its filing, the company stated that it has determined that filing for bankruptcy presents the only opportunity for preserving and maximizing the value of the enterprise for the benefit of the Corporation's stakeholders and other interested parties.
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