Industrial giant General Motors Corp. today requested court approval to enter bankruptcy.
The move, which the Obama administration forced the automaker to do, marks the next step in the company's effort to reinvent itself.
The Obama administration will invest an additional $30 billion in the company, but in return, the company must eliminate 21,000 jobs, close between 12 and 20 factories and close 40% of its dealerships.
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General Motors said in its filing that it had assets of $82.3 billion and liabilities of $172.8 billion.
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