GM Files Chapter 11

It had to happen... GM had to file for bankruptcy, as it was clear that was the only way out.

GM has $172 billion in debt and $ 82 billion in assets ! This fallen icon of American industry will need additional 'stimulus' in form of $ 30 bn additional financial assistance. ( over and above the 20 bn low cost loans)
With 60% ownership with federal govt, 12.5 % with canadian govt and balance with UAW union, how is GM different from a chinese owned car company ? It becomes a state owned car company ! That too, in US !
What went wrong ? Leadership, for sure. Then other factors such as Government policies, customers' attitude, workers, competetion, etc., etc.
GM is a popular brand in ME. But, losing the preference among car buyers. No wonder, GM came out with full page PR release. The news is this will not affect key markets such as ME, China and India. May not affect directly..

The NEW GM is expected to rise like a Phoenix bird... with car buyers postponing their purchase, only time will tell...