Wheels finally come off General Motors

Link to the article: Channel 4 News

By Sarah Smith

For 100 years an icon of corporate capitalism, General Motors today declared itself bankrupt in one of the biggest industrial failures in US history. Sarah Smith reports.

President Obama said he was confident a stronger, streamlined company will emerge – under a massive restructuring plan, backed by another massive tranche of government aid.

But as workers braced themselves for news about their job, GM announced a series of factories would close, confirming it was more than $170bn in debt.