General Motors Bankruptcy

General Motors (GM) filed for bankruptcy in June 2009 due to financial struggles, largely stemming from the global economic downturn, declining sales, and high debt levels. The company was unable to adapt to changing consumer preferences and competitive pressures, leading to significant losses. The U.S. government intervened with a bailout, providing financial support to restructure GM and keep it afloat. As part of the bankruptcy process, GM streamlined operations, closed plants, and improved efficiency, ultimately emerging stronger and more competitive, while securing thousands of jobs and stabilizing the auto industry.