GM Files for Government Bankruptcy Protection
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The government gave the Auto Industry giant enough time to get a deal done with regards to a proposed partnership with foreign investors but they failed to get it down to the deadline, GM has declared bankruptcy protection with the government set to get a majority of the company shares till they get their act together. The company has already been dropped form the Stock Exchange as part of the bankruptcy proceedings and the company has made this official with a statement from the President of the United States going on air before company officials stated their case.
The government will provide ample funding to keep the company working on a skeletal corporate force till the management gets proper funding and support from foreign investors that would allow them to continue doing business. Their problems are extending far beyond their corporate headquarters with many dealerships set to close their doors, again, waiting for a new plan from management on how they can continue with their respective businesses. GM is one of the US auto industry’s big three and with its collapse comes more red lights on the status of the economy.
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The big GM was a fine company.
once America pride.