General Motors (2009 bankruptcy)

In 2009, General Motors (GM), a major car manufacturer, filed for bankruptcy due to severe financial losses from declining sales, high debt, and the economic downturn during the Great Recession. This allowed GM to restructure, reduce debt, and eliminate unprofitable brands like Hummer and Pontiac. The U.S. government and other stakeholders provided financial support, enabling GM to recover and continue operations. The bankruptcy was a legal process that helped GM become more financially stable and competitive, ultimately allowing it to rebound and remain a key player in the global automotive industry.