News / Finance
General Motors Post Record Profits Two Years After Bankruptcy
GM was once the dominate force in the global auto industry, but over a number of years they manufactured cars that sold at a loss as the company struggled to keep production lines going and meet their employment contract obligations.
After the recession hit GM was on the verge of bankruptcy liquidation until they received a government bailout in 2009 which was heavily criticized. The loss of such a large company would have cost the American people close to 1 million jobs.
The federal government owns a 26.5 percent share in the company and plans to sell those shares to recover the bailout money once GM stock prices rise. GM is doing well domestically, but they are still struggling in the global market. GM is a bankruptcy restructuring success story. For some company’s a bankruptcy attorney can suggest a filing that will keep their business from collapsing.
The recession hit a number of industries very hard and many businesses were forced to retain bankruptcy lawyers to help them with their financial problems. Under the direction of a bankruptcy attorney a business or individual can relieve some of their debt and get a fresh financial start.
