Wednesday, July 29, 2009
GM Emerges From Bankruptcy
On July 10, 2009, General Motors (GM) emerged after spending 42 days in bankruptcy. In order to help the company emerge from financial hardship, the U.S. government invested a landmark $50 billion into the auto-maker so that the company could restructure and eventually continue business.
Government bailout is not an option for everyone considering bankruptcy, which is why a bankruptcy lawyer is essential for people and smaller businesses with large amounts of debt. After the GM government bailout for their bankruptcy, the government now owns the majority of the company's common stock.
With the huge amount of money that has been poured into the auto company, GM will now look at what they can do to gain market share and restructure the company so they do not go into bankruptcy again. The chief executive of GM is saying that business at GM will never again continue like it has in the past.
Finally, the company says that it will attempt to repay taxpayers for the huge amount of money that saved thousands of jobs, but for this to happen, the value of GM stock would have to rise to an unprecedented level.
If you believe you are facing an insurmountable amount of debt and bankruptcy will be your best option, please contact an experienced bankruptcy attorney in your area to schedule an initial case evaluation. Your bankruptcy lawyer can help guide you through the filing process and help minimize the damage to your credit rating.