GM bankruptcy:
GM Bankruptcy Filing Will Bring Taxpayer Ownership, Less Debt

June 1 (Bloomberg) — General Motors Corp., the world’s largest automaker for 77 years, began filing for bankruptcy by putting a New York affiliate into Chapter 11, a landmark for an industry that defined American economic might.

Chevrolet-Saturn of Harlem Inc., sought bankruptcy protection today, the first of many filings in the Chapter 11 process. While GM hasn’t yet filed, the affiliate called the parent company a “debtor in possession under Chapter 11,” in court documents.

The move follows the bankruptcy filing of Chrysler LLC and represents the Obama administration’s attempt to remake a 100- year-old company that became burdened by higher costs than competitors and a reliance on fuel-guzzling light trucks as gasoline prices rose. Japan’s Toyota Motor Corp. surpassed Detroit-based GM last year as the world’s largest a

utomaker.

ObamaMotors soon coming to a dealership near you.