GM de­clares bank­ruptcy

Finweek English Edition - - Letters -

WHAT HAP­PENED VE­HI­CLE MAN­U­FAC­TURER Gen­eral Motors de­clared bank­ruptcy due to con­tin­ued poor per­for­mance. How­ever, US Pres­i­dent Barack Obama swiftly came to the com­pany’s res­cue by of­fer­ing a US$30bn re­struc­tur­ing plan that will re­sult in the US gov­ern­ment ac­quir­ing 60% of GM. The bail-out was re­ported as an at­tempt to save jobs in the US’s ail­ing ve­hi­cle in­dus­try.

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