US General Application Bankruptcy, Shanghai General Motors Unaffected_Wenzhou Part-time Job Network

General Motors Corporation of the United States filed for bankruptcy protection with the US Bankruptcy Court in the Southern District of New York at 10:00 a.m. (Eastern Time) on June 1. It is the second of the "Big Three" U.S. automakers to file for bankruptcy protection after Chrysler Corporation.

As the largest U.S. automaker, GM has become the largest manufacturing company filing for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. According to Reuters, the U.S. government will hold 60% stake in GM after it enters the bankruptcy protection process. During the restructuring process, GM plans to cut 21,000 employees.

GM China issued a statement at the first time, saying that all businesses of GM in China, including its eight joint ventures, are not substantially affected by the filing for court-protected reorganization in its home market. The business operations continue to maintain normal and healthy operation.

"All GM operations in China are proceeding normally, and our investments and major projects in China are still going according to the original plan," said Kevin Wale, President and General Manager of GM China. "The inventory of complete vehicles and parts of dealers and after-sales service centers of various brands across the country continues to operate normally. Meanwhile, the payment process of GM China and its joint ventures for Chinese parts suppliers and dealers as well as employee benefits have not been affected."