GM Files for Chapter 11 Bankruptcy
POSTED: Tuesday, June 2, 2009 - 8:49am
UPDATED: Thursday, February 25, 2010 - 12:33pm
General Motor's CEO entered bankruptcy court for the second time on Monday, after his company filed for Chapter 11 bankruptcy.
GM's bankruptcy filing is the fourth largest in U.S. history and the largest for an industrial company. As part of its reorganization, GM will receive an additional $30 billion dollars of financial assistance from the federal government, on top of the $20 billion it's already received.