The future of thousands of car industry jobs in Europe remained uncertain
Monday as General Motors filed for bankruptcy after reaching a deal to sell off its European operations, including German automaker Opel, UK-based Vauxhall and Saab.
GM became the largest industrial company (and fourth-largest overall) to seek bankruptcy protection in the history of American business. The move leaves U.S. taxpayers with a 60 percent stake in the Detroit-based car giant.
Chapter 11 bankruptcy will aim to help GM emerge with only its more profitable plants, brands, dealerships and contracts. Unprofitable plants, contracts and other liabilities that the company can no longer afford will be left behind.
U.S. President Barack Obama said Monday that General Motors had a solid chance of recovering with the proper combination of taxpayer investments, stakeholder sacrifices, and far-sighted planning.
He praised the struggling automaker for submitting a "viable, achievable plan that will give this iconic American company a chance to rise again."