We all knew it was coming and now it has: GM is bankrupt.
The quintessential American automaker entered Chapter 11 this morning. It is $172 billion in debt, according to The New York Times.
GM has announced plans to close 12 factories in Michigan, Indiana, Ohio, Delaware and Tennessee.
The government’s going to give GM another $30 billion to get it through what President Obama hopes will be a quick restructuring.
Mercifully, at least GM has promised to keep its headquarters in Detroit, The Times reports.
Chrysler, meanwhile, is expected to emerge from bankrupcy in the next few days.