gmLargest U.S. auto manufacturer General Motors today filed an application for protection from creditors by resorting to Article 11 of U.S. bankruptcy law. The document was sent to the District Court of New York.

Earlier today, in Article 11 of the Law on Bankruptcy United States resorted dealership Company GM – Chevrolet-Saturn of Harlem Inc. This step was taken in the bankruptcy of the entire auto manufacturer.

Of the applications, the dealer should have that GM formed a new company Auto Acquisition Corp., In which 60% will be owned by the Government of the United States. The company bought out of bankruptcy in the majority of the assets of lame auto manufacturer.

During the bankruptcy of the once controlled the world’s largest automakers GM plants will not stop. Director of restructuring lame GM will be appointed Albert Koch.

In his statement, GM transferred the assets on the balance sheet of the company amounting to 82.29 billion dollars (as at 31 March). As is evident from the filed document, the Board of Directors of auto manufacturer approved the bankruptcy plan of the Ministry of Finance and the United States before, on May 31.

It was expected that GM will continue the restructuring process from 60 to 90 days, during which the U.S. government would invest in the company an additional 30 billion U.S. These funds are necessary to maintain the viability of auto manufacturer and will be allocated over and above the 19.4 billion dollars, which the company has already received a help of government.

During this state will pass control over the company that has raised concern regarding the nationalization of auto manufacturer. However, U.S. President Barack Obama tried to reassure markets, saying that the Government does not intend to control the problem of auto manufacturer permanently, and is ready to get rid of the acquired stake immediately after GM completes restructuring and return to prosperity.

It should be noted that in the history of U.S. bankruptcy this event has become the third largest after the bankruptcy of WorldCom and Investbank Lehman Brothers.

Of the three biggest U.S. automakers, without massive state aid has been able to do only Ford Motor. Chrysler previously had also been forced to turn to the protection from creditors by declaring themselves bankrupt.

Securities General Motors are excluded from the calculation of index of Dow Jones. They took the place of network equipment manufacturer Cisco Systems.

American avtokontsern General Motors for almost 80 years was the largest producer of automobiles in the world. The company manufactures passenger cars and trucks in 33 countries, sells cars under the brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Pontiac, etc. The net loss General Motors Corp. in 2008. decreased by 29% – up to U.S. $ 30.9 billion against losses of $ 43.3 billion USD in 2007. In doing so, GM revenue decreased by 17.3% – up to 149 billion dollars (in 2007. – 180 billion dollars).