In May 2009, General Motors started closing 2,600 of its retail outlets and finally filed for bankruptcy in June. It emerged from the bankruptcy protection by July 2009, after it received funding from the US government, the Canadian government, United Automobile Workers Union, and GM bondholders. Source: Farfan, Barbara. “General Motors Chapter 11 Bankruptcy Overview and Details.” About.com, Retail Industry. About.com, n.d. Web. August 31, 2010. http://retailindustry.about.com/od/americanretailhistory/a/GM_chapter_11_bankruptcy_details.htm This is an example of:
In May 2009, General Motors started closing 2,600 of its retail outlets and finally filed for bankruptcy in June. It emerged from the bankruptcy protection by July 2009, after it received funding from the US government, the Canadian government, United Automobile Workers Union, and GM bondholders. Source: Farfan, Barbara. “General Motors Chapter 11 Bankruptcy Overview and Details.” About.com, Retail Industry. About.com, n.d. Web. August 31, 2010. http://retailindustry.about.com/od/americanretailhistory/a/GM_chapter_11_bankruptcy_details.htm This is an example of:
Business/Professional Ethics Directors/Executives/Acct
8th Edition
ISBN:9781337485913
Author:BROOKS
Publisher:BROOKS
Chapter8: Subprime Lending Fiasco-ethics Issues
Section: Chapter Questions
Problem 6.3EC
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In 2008, the United States began to witness one of the worst recessions since the 1930s. The collapse of the housing bubble in 2006 led to a massive decline in real estate prices, affecting consumers and institutions, especially banking and financial entities. Severe liquidity shortfalls in the United States as well as other global markets led to a serious credit crisis. During the credit crisis of 2008–2009, several banks and other businesses went through a reorganization process or were forced to liquidate. Consider the following example:
In May 2009, General Motors started closing 2,600 of its retail outlets and finally filed for bankruptcy in June. It emerged from the bankruptcy protection by July 2009, after it received funding from the US government, the Canadian government, United Automobile Workers Union, and GM bondholders.
Source: Farfan, Barbara. “General Motors Chapter 11 Bankruptcy Overview and Details.” About.com, Retail Industry. About.com, n.d. Web. August 31, 2010. http://retailindustry.about.com/od/americanretailhistory/a/GM_chapter_11_bankruptcy_details.htm
This is an example of:
A Reorganization
B Liquidation
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