GM bankruptcy

General Motors (GM) filed for bankruptcy in 2009 during the global financial crisis due to severe financial losses, declining sales, and debt burdens, which threatened its viability. Bankruptcy allowed GM to restructure its operations, reduce debts, and save jobs by enabling it to reorganize under court supervision. The government provided bailout funds and equity investments to support this process. Ultimately, GM emerged from bankruptcy as a more streamlined company, with new management, fewer brands, and improved financial health, allowing it to continue producing vehicles and remaining a major player in the automotive industry.