After all the negotiation and restructuring exercise, General Motors finally file for Chapter 11 Bankruptcy. However, interestingly, Dow Jones is gaining big news while this news is annouced.
GM’s bankruptcy filing is the fourth-largest in U.S. history and the largest for an industrial company. The company said it has $172.81 billion in debt and $82.29 billion in assets.
As it reorganizes, the fallen icon of American industry will rely on $30 billion of additional financial assistance from the Treasury Department and $9.5 billion from Canada. That’s on top of about $20 billion in taxpayer money GM already has received in the form of low-interest loans.
General Motors Dropped from Dow Jones Industrial Average
Together with this bankruptcy annoucement, Dow Jones is dropping General Motors and Citigroup from its 30 stocks index, replaced by Travelers & Cisco.
General Motors
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