General Motors Corporation Files For Chapter 11

General Motors Corporation filed for chapter 11 bankruptcy this morning at the United States Bankruptcy Court for the Southern District of New York.  The debtor and its subsidiaries manufacture and market cars, trucks and related parts worldwide.  Brands include, but are not limited to, Buick, Saab, GMC, Pontiac, Cadillac and HUMMER.

General Motors Corporation's petition lists approximately $82.3 billion in assets and $172.8 billion in liabilities, including approximately $26.3 billion in unsecured debt securities.   The consolidated list of unsecured creditors lists Wilmington Trust Company, UAW and Deutsche Bank AG, London (as fiscal agent) as the largest unsecured creditors.

According to Chevrolet-Saturn of Harlem, Inc. petition (wholly-owned subsidiary of GM):

The debtor has appointed Albert A. Koch as Chief Restructuring Officer.  Additionally, the debtor has filed applications to employ Weil Gotshal & Manges LLP and Jenner & Block LLP as attorneys; Honigman Miller Schwartz and Cohn LLP as special counsel; AP Services LLC as restructuring advisor; Evercore Partners, Inc. as financial advisor and The Blackstone Group LLP as investment banker.