General Motors Files for Bankruptcy
On June 1, 2009, General Motors, the largest and one of the oldest car manufacturers in the world, filed for bankruptcy in a historic move that marked the largest industrial bankruptcy in U.S. history. The filing, a result of the 2008 financial crisis and declining sales, led to a massive restructuring of the company. The U.S. government provided financial support to aid in the recovery of GM, ensuring the company's survival and playing a critical role in Detroit's economic landscape.