General Motors
Date of bankruptcy filing: June 2009
Assets: $91 billion
If the automotive giant, which for many years was the largest U.S.company and reigning king of the Fortune 500, files for bankruptcy, it will be the largest industrial company (and fourth-largest overall) to seek bankruptcy protection in the history of American business. The likely outcome of the reorganization will be the emergence of a new version of the company that holds onto Chevy, Cadillac, Buick and GMC. The remaining, poor-performing brands Pontiac, Saturn, Hummer, Saab and Opel might be held by separate, spun-off companies, sold to foreign manufacturers, or simply closed down. As part of the bailout agreement, the U.S. government will own nearly 72.5% of the new company, with the United Auto Workers owning 17.5%.
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