Send to Kindle
Photo by connectmidmichigan.com
Car giant General Motors (GM) has filed for bankruptcy protection, marking the biggest failure of an industrial company in US history.
The widely expected move comes after GM had seen its losses widen following a steep fall in sales in recent years, the BBC reported.
The move into bankruptcy protection has been backed by the US government, which is now expected to take a 60% stake in the company.
The White House is also due to announce an extra USD 30 B of aid for GM. President Barack Obama will host a press conference on GM's future later Monday.
GM, which had already received USD 20 B of state aid since the end of last year, said in its bankruptcy filing that its current debts total USD 173 B.
US Chapter 11 bankruptcy protection gives an American company time to restructure its finances while being protected from its creditors.
It is expected that GM may be able to exist bankruptcy protection within 60 to 90 days.
GM, once the largest company in the world, has been losing market share since the early 1980s.
Japanese automotive giant Toyota announced Wednesday that its factories in China will remain closed until February 9th due to the spread of the deadly coronavirus.
The United Automobile Workers Union in the United States is launching a national strike against General Motors.
General Motors aims to launch a public ride-sharing service across several cities that uses fully self-driving cars by 2019, potentially becoming the first traditional carmaker to deploy autonomous technology at scale in the real world.
Bulgarian President, Rosen Plevneliev will test drive Monday the US-made Chevrolet Volt hybrid automobile.
Saab Automobile filed for bankruptcy on Monday after it hopes to be saved by Chinese investors turned out to be futile.
General Motors (GM) has confirmed that it plans to cut 10 000 jobs across its European car unit Opel, which includes the Vauxhall brand in the UK.
Three candidates have been nominated to represent Bulgaria as European Prosecutor: Dimitar Belichev, Mihaela Raydovska, and Plamen Petkov.
Serbia’s intelligence agency has reportedly conducted tests on dogs using sound guns in cooperation with Russia’s Federal Security Service (FSB), according to documents obtained by POLITICO
EU foreign policy chief Kaja Kallas made a lighthearted remark to European Parliament leaders, suggesting that the current state of global affairs might make it a “good moment” to start drinking
Military personnel from several European countries, including Germany, France, Sweden, and Norway, began arriving in Greenland this week, following an invitation from Denmark
The United States has completed its first sale of Venezuelan oil under the Donald Trump administration, with the transaction valued at USD 500 million (around BGN 1.1 billion / €460 million)
The European Union has unveiled the details of a 90 billion euro financial package to support Ukraine, with the bulk of the funds earmarked for defense as the conflict with Russia nears its fifth year.
Bulgaria's Strategic Role in the EU's Drone Wall Defense Initiative
When Politics Means Violence
