General Motors Filed for Bankruptcy in the morning today

General Motors filed for bankruptcy on Monday morning,
submitting its reorganization papers to a federal clerk in
Lower Manhattan. With the support of Obama government this auto giant has filed for bankruptcy .Most of the stake that is 60% will be with government and it will not impose restrictions on company,but will surely have an eagle eye on it.From where will the capital come for this disinvestment process.That has also been palnned out by the company and other officials.

$20 billion has already been invested in the company by government and another stake of $ 30 billion will be added from the tax payers income to protect this icon and  time will speak wheather this investment will be ever recovered or not.The company will  shed 21,000 union workers and close 12 to 20 factories.Forty percent of the company's 6,000 dealers will close, the workers' union will be forced to finance half of its $20 billion health care fund with stock of uncertain value in the restructured G.M., and bondholders, including many retirees, will be forced to take stock worth 10 cents for every dollar they lent the company.So in this manner restruturing of the New G.M will occur and hope that this time it is able to make good out of it and the money which has been put in this giant is worth it.