GM Filed Chapter 11 postcard
6/1/2009

Another piece of history was made today, as General Motors filed for bankruptcy protection.

Following Chrysler's bankruptcy filing on April 30, GM's filing is the fourth-largest in U.S. history and the largest for an industrial company. The largest automaker in the U.S. has been in financial trouble, since the global economy tumbled. The company has $172.81 billion in debt and $82.29 billion in assets at the moment.

"The General Motors board of directors authorized the filing of a Chapter 11 case with regret that this path proved necessary despite the best efforts of so many," GM Chairman Kent Kresa said in a written statement.

While I don't feel like GM's bankruptcy is worth celebration, Wall Street appeared to be up-beat and saw the filing as "a new beginning for General Motors." Both S&P 500 and Nasdaq indices set the new highs of the year.