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Mon June 1, 2009
GM bankruptcy court filings begin with NY dealer
NEW YORK (AP) – NEW YORK (AP) - A General Motors dealership in New York has filed for bankruptcy protection, beginning the wave of court filings expected Monday as the automaker files for legal protection to complete its reorganization.
Chevrolet-Saturn of Harlem Inc. filed the Chapter 11 petition early Monday. The court documents list the company's largest creditors as a trust company that holds more than $22 billion in bond debt, and the United Auto Workers union, which is owed more than $20 billion dollars.
The size of those figures indicate the filing is part of GM's larger bankruptcy.
The automaker itself is expected to file its petition for bankruptcy protection around 8 a.m. EDT. Many GM affiliates will have to file separate petitions as well.