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General Motors files for Chapter 11 bankruptcy. It is the fourth largest United States bankruptcy in history.
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General Motors
American multinational automotive company
General Motors Company (GM) is an American multinational automotive manufacturing company headquartered in Detroit, Michigan, United States. The company is most known for owning and manufacturing four automobile brands: Chevrolet, Buick, GMC, and Cadillac, each a separate…Source: Wikipedia (CC BY-SA)
General Motors Chapter 11 reorganization
2009 bankruptcy filing by American automobile manufacturer General Motors
The 2009 General Motors Chapter 11 sale of the assets of automobile manufacturer General Motors and some of its subsidiaries was implemented through Chapter 11, Title 11, United States Code in the United States bankruptcy court for the Southern District of New York. The United…Source: Wikipedia (CC BY-SA)
Chapter 11, Title 11, United States Code
Section of the United States Bankruptcy Code
Chapter 11 of the United States Bankruptcy Code permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and…Source: Wikipedia (CC BY-SA)
Bankruptcy
Legal status for relief from debts
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.Source: Wikipedia (CC BY-SA)