The world’s largest automobile maker for decades and the most respected company in US for decades, General Motors, has filed for Chapter 11 bankruptcy filing in a US court last week. This brings an end to the auto sector dominance for the company, which is set for a major restructuring.
The restructuring depends on the positive clearance of the petition by the courts, which might be known by early July. At the end of the exercise, due in the next few months, GM is expected to shed over 30% of the overall capacity and also manpower and will be able to face the challenging automobile market, more successfully.