Gm Bankruptcy

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STUDENT’S CERTIFICATE Certified that this report is prepared based on the term paper project undertaken by me in GENERAL MOTORS BANRUPTCY under the able guidance of Dr.Richa Raghuvanshi in partial fulfillment of the requirement for award of degree of B.Com(H) from Amity University, Uttar Pradesh. Date-------------------- --------------- ----------------- ----------------- Siddharth Dixit Dr.Richa Raghuvanshi Prof. V. P. Sahi Lecturer (ABS) Director (ABS) FACULTY CERTIFICATE Forwarded here with a term paper report on “General Motors Bankruptcy” submitted by Siddharth Dixit Enrollment No A7004611108 student of…show more content…
The company also owed its bondholders $1 billion in interest payments on June 1, 2009 money it did not have available to pay. According to GM 's bankruptcy filing, the company has assets of $82.3 billion, and liabilities of $172.8 billion. That would make GM the fourth largest U.S. bankruptcy on record, according to Bankruptcydata.com, just behind the 2002 bankruptcy of telecom WorldCom. Three of the largest bankruptcies in history - GM, Wall Street investment bank Lehman Brothers and savings and loan Washington Mutual, have occurred in the last nine months. GM will use the trip into bankruptcy court to shed plants, dealerships, debt and other liabilities it can no longer afford. Emerging out of bankruptcy quickly will be a "new GM," made up of the four brands that GM will keep in the U.S. market -- Chevrolet, Cadillac, GMC and Buick -- as well as many of its more successful overseas operations. This is the same process that Chrysler LLC used in its bankruptcy process. Chrysler filed for bankruptcy April 30,2009 and the judge in that case approved the creation of a new company that will be run by Italian automaker Fiat in a ruling Sunday. GM, being a larger, more complicated and global company than Chrysler, is not expected to have its valuable units exit bankruptcy quite as quickly, though. The new GM will have only $17 billion in debt, rather than the $54.4 billion it owed
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