THE INEVITABLE for General Motors - America’s 101 year-old vehicle manufacturing colossus, a symbol for generations of Americans and once the world’s largest car company - has now occurred.

Last night, Australian time, GM filed for bankruptcy. But while 11 plants will close, and three will be mothballed until at least the end of 2010, an [...]

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GM US HAS OVERNIGHT moved one step closer to bankruptcy following the rejection of a debt for equity offer by GM to its bondholders (the banks and institutions holding US$27.2 billion in GM debt securities).

Chapter 11 bankruptcy protection for GM is now all-but certain; perhaps as early as tomorrow. Of such a size and [...]

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Following the announcement from its auditors that the future of General Motors is in substantial doubt, the European Commission has called a crisis meeting of European Union states that are home to GM plants.

GM has already announced an operating loss of USD $30.9 billion (AUD $48.1 billion) for 2008. The car maker has asked for [...]

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There is nothing new in the announcement from GM’s auditors that there is “substantial doubt” about the giant automaker’s viability as a company. Who didn’t know that?

In producing its report GM’s auditors Deloitte & Touche are only doing what auditors do: running a cold blood-less eye over the integrity and accuracy of the books, casting [...]

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