General Motors Corp filed for bankruptcy at 7:57 a.m. today, submitting its Chapter 11 petition to a bankruptcy clerk in New York, and starting what it hopes will be a quick 60 to 90 day court restructuring.
The 24-page filing came after a GM dealership in New York filed for bankruptcy protection today, starting a wave of court filings as the 100-year-old automaker begins its historic reorganization and shedding billions of dollars in liabilities.
GM listed $82.3 billion in assets and $172.8 billion in debts and confirmed its naming of a chief restructuring officer. The case was assigned to U.S. Bankruptcy Judge Robert Gerber, with many of its initial legal filings due by June 16. Gerber, a bankruptcy judge since 2000, has overseen big bankruptcies including Global Crossing, Adelphia Communications Corp. and Ames Department stores.
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