General Motors files for bankruptcy

General Motors Co. filed for bankruptcy Monday morning, after months of speculation and attempts by the government to help the 100-year-old company avoid a potentially crippling event for the already weakened economy.

[efoods]In a filing to the U.S. Bankruptcy Court for the Southern District of New York, the Detroit-based automaker reported total assets of $82.3 billion on a consolidated basis, with total debt of $172.8 billion.

GM /quotes/nls/gm (GM 0.75, 0.00, 0.00%) was represented in the filing by Weil, Gotshal & Manges LLP. The judge for the case has not yet been chosen.

The bankruptcy filing follows the company’s failure to meet President Barack Obama’s demand that it come up with a plan by June 1 that would return it to profitability.

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