General Motors' 100^th anniversary could see either the re- birth or death of the automaker. It is not clear whether GM will be able to survive, but bankruptcy could give it a new lease on life. For now, GM is going through a very painful and public transformation. GM and Chrysler have repeatedly faced difficult times over the last 30 years. The pain and suffering have resulted in layoffs, plant closings, restructuring, spin-offs, mergers and acquisitions. Automotive industry restructuring has been a recurring problem for GM and all of Detroit. What makes this restructuring different from the others is the necessity to file for bankruptcy. Chrysler was forced into bankruptcy and a partnership with Fiat one month prior to GM. It is believed that Chrysler was forced into bankruptcy first to allow GM to learn from their experience.

The fall of GM has been a long, slow, and painful decline in market share. Bankruptcy was something former GM CEO Rick Wagoner never wanted to consider. Wagoner believed that consumers would not purchase vehicles from a bankrupt automaker. The global recession has caused turmoil in the financial, banking, manufacturing and housing sectors. The US government has taken a very active role in forcing GM to restructure. The government appointed automotive panel forced the resignation of Rick Wagoner and promoted Fritz Henderson so that bankruptcy would be considered. The decision to force GM into bankruptcy was not taken lightly.

The Analyst Magazine, General Motors, GM, Mergers And Acquisitions, Financial Turmoil, Bankruptcy Process, Financial Resources, Strategic Goals, Corporate Culture, Financial Sector, Banking Sector, Manufacturing Sector, Housing Sector, Global Recession.