General Motors is going to file for bankruptcy

General Motors Corp, the biggest US automaker, should file for bankruptcy rather than taking money from the government, hedge fund manager Bill Ackman said. GM is petitioning the US government for aid after saying last week that it may not have enough cash to operate this year. A bankruptcy would leave bondholders in control of the company in exchange for forgiving some debts, Ackman said. GM dropped to its lowest level in 59 years yesterday after a Deutsche Bank AG analyst downgraded the shares and said they may be worthless in a year. The slump demonstrated mounting pessimism that a turnaround will succeed at the automaker amid a global credit crisis and the worst sales market in at least 15 years. Meanwhile ,GM fell 1 dollar, or 23 percent, to USD 3.36 in New York Stock Exchange composite trading yesterday, its lowest close since June 17, 1949, according to Global Financial Data in Los Angeles. The shares have lost 86 per cent of their value this year.
This whole instance may lead General Motors to Bankruptcy. May be we are going to miss various General Motors cars.