General Motors Corporation was shut down on December 15 2011, 103 years after if was founded.
The „Old GM”, as it was known after the 2009 government bailout founded the new GM, was officially dissolved on Thursday, spokesman Tim Yost confirmed the following day to the Detroit News. On Friday morning, lawyers filed a court stipulation acknowledging the automaker’s demise. U.S. Bankruptcy Judge Robert Gerber confirmed the company’s liquidation plan in March, and set December 15 as the deadline for the company’s demise.
Renamed Motors Liquidation Company after the 2009 bailout, the Detroit-based company will live on through General Motors Company, the new GM born after the 2009 bankruptcy filing. The new company inherited old GM’s viable remaining assets and a $49.5 billion government bailout. Old GM followed in the footsteps of former brands Pontiac, Hummer and Saturn, all dissolved. Another former brand, Sweden’s Saab, has just filed for bankruptcy yesterday.
Founded September 16 1908 in Flint, Michigan, General Motors Corporation became in 1931 the world’s largest automaker and remained on top until 2008, when Toyota dethroned it. GM also held the title of the world’s largest company for much of the 20th century. In 1997, it was larger than Microsoft, Intel, Dow Chemical, Boeing and Coca-Cola combined.