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THE GM STORY
In 2009, General Motors went bankrupt and was reborn as New GM in 2012. Its woes were brought down by two factors: (1) failure to globally compete in their core automotive business and (2) the legacy of financial burdens with stakeholders that had been accumulating over the years. In reviewing GM’s bailout plans during the transition period from the old to the new GM, it was clear that GM’s management efforts were almost entirely centered around easing the financial legacy and almost no efforts were made to improve its “operational” side of business.
Financial Restructuring and Operational Restructuring
A clear distinction should be made between “financial restructuring” and “operational restructuring.” When a going concern fails ...
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