“General Motors filed for bankruptcy on Monday morning, submitting its reorganization papers to a federal clerk in Lower Manhattan.
“G.M. said it had $82.3 billion in assets and $172.8 billion in debts. Its largest creditors were the Wilmington Trust Company, representing a group of bondholders holding $22.8 billion in debts, and affiliates of the United Auto Workers union, representing nearly $20.6 billion in employee obligations.
“The filing itself seemed anticlimactic. It was a simple procedure done thousands of times each day across the country, by individuals and business alike. But not usually, as in this case, by companies like G.M. that have woven themselves into the fabric of America culture.”
GM (GM) and Citigroup (C) were booted from the Dow Jones Industrial Average today and replaced by Travelers (TRV) and Cisco (CSCO). I rate Travelers a Hold and Cisco a Sell.
I’ve written on GM over the past few years. Here’s a quick summary on some top articles: