President Obama said Monday that General Motors’ bankruptcy(破产) plan is viable(可行的), achievable and will help automaker move toward profitability. He said he is "absolutely confident" that a well-managed GM will emerge from the process.
U.S.-led restructuring largest industrial bankruptcy in U.S. history
WASHINGTON - General Motors filed for Chapter 11 bankruptcy protection Monday as part of the Obama administration’s plan to shrink(收缩) the automaker to a sustainable(养得起的) size and give a majority ownership stake to the federal government.
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.
“The General Motors board of directors authorized the filing of a Chapter 11 case with regret that this path proved necessary despite the best efforts of so many,” GM Chairman Kent Kresa said in a written statement. “Today marks a new beginning for General Motors. ... The board is confident that this New GM can operate successfully in the intensely competitive U.S. market and around the world.”