Summary
General Motors Corp. filed for bankruptcy protection in a Manhattan courtroom this morning, a step President Obama characterized as painful but necessary to "give this iconic American company a chance to rise again."
As much as the filing signals a new era in the story of American industry and a low point for the century-old automaker, GM executives also characterized the decision as a baptism by fire, a chance to start over.See the full content of this document
Extract
Obama Says Gm Can Fully Recover From Bankruptcy
"Today marks a defining moment in the history of General Motors," said Fritz Henderson, the automaker's chief executive, speaking in New York after the filing. "This allows us to permanently address problems that we have not been able to address before today."
The automaker that emerges from Bankruptcy Court in as little as two to three months ...See the full content of this document
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