General Motors Corp?

General Motors Corp,

The No1 Selling Vehicle Manufacturer in the World for 76 Consecutive Years.

one of the world's largest automakers, was founded in 1908, and today manufactures cars and trucks in 34 countries. With its global headquarters in Detroit, GM employs 252,000 people in every major region of the world, and sells and services vehicles in some 140 countries.

In 2008, GM sold 8.35 million cars and trucks globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Hummer, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's largest national market is the United States, followed by China, Brazil, the United Kingdom, Canada, Russia and Germany. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. 
                                            
                           GMC Headquarter in Detroit ,Michigan

With the recent Slump of World Economic due to the catalyst of US Housing Mortgage Credit problem, which came close to bankruptcy before receiving federal aid two months ago..  Below is the event list that were faced by GM.

Current Condition?
G.M. will file what is expected to be the largest restructuring plan of its 100-year history on Tuesday, a step it must take to justify its use of a $13.4 billion loan package from the federal government.

February 17th, 2009,
General Motors told the federal government Tuesday that it needed to increase its loan request to $30 billion, $12 billion more than it had initially sought, to avoid a bankruptcy filing.

February 14th, 2009,
General Motors is considering filing for Chapter 11 bankruptcy that "would assemble all of their viable assets, including some U.S. brands and international operations into a new company."

If this plan were to go through, all undesirable assets would be liquidated or sold by a bankruptcy court and contracts with bond holders, dealers, unions and suppliers would also have to be re-organized.

-December 19, 2008,
Bush approved a bailout plan and gave General Motors and Chrysler $13.4 billion in financing from TARP (Troubled Assets Relief Program) funds, as well as $4 billion to be "withdrawn later."

-December 18, 2008,
President Bush announced that an "orderly" bankruptcy is one option being considered for both General Motors and Cerberus-owned Chrysler LLC.
Prior to the U.S. Senate's announcement, General Motors announced that it had hired several lawyers to discuss the possibility of filing for bankruptcy, with Chapter 11 bankruptcy being one of the options discussed.

-December 12, 2008,
General Motors stated that it was nearly out of cash, and may not survive past 2009. The U.S. Senate voted and strongly opposed any source of government assistance through a bailout bridge loan (originally worth $14 billion in emergency aid) which was aimed toward helping the struggling Big Three automakers financially.

-On December 2, 2008,
General Motors submitted its "Restructuring Plan for Long-Term Viability" to the Senate Banking Committee and House of Representatives Financial Services Committee.

-November 18, 2008,
General Motors together with Ford and Chrysler, sought financial aid at a Congressional hearing in Washington D.C. in the face of worsening conditions caused by the automotive industry crisis. All three companies were unsuccessful and were invited to draft a new action plan for the sustainability of the industry.^[

-November 7, 2008,
Acquisition talks involving Chrysler were cancelled, however, as part of a broader response to the increasing urgency of GM's own cash flow problems.

-October 10, 2008,
GM considered exchanging its remaining 49% stake in GMAC to Cerberus Capital Management for Chrysler LLC, potentially merging two of Detroit's "Big Three" automakers.

IF!  GM Fall..
it will cause further more catastrophe to US Economic and it probably would be the most massive Chapter 11 filing of all time
- a watershed moment in the history of American business, with far-reaching consequences for all of GM's stakeholders. While the direct impact on the national economy would be relatively modest, the Midwest would be hit hard by the combination of job losses at GM and its suppliers and benefits cuts for the company's retirees.

GM's creditors would also stand to suffer. The company has $31 billion in long-term debt, most of it due in 2023 and beyond. Of $34 billion in cash, $15 billion is in a fund earmarked for health-care liabilities. Who knows how much will be left in a few years?

Other GM sub brands: