General Motors (2009)
General Motors filed for Chapter 11 protection in June 2009, idled plants and continued operating while the U.S. government financed its restructuring. It sold its best assets to a new GM entity and emerged about six weeks later.
GM continued operating through the bankruptcy and emerged in July 2009. The Treasury became a majority owner temporarily.
The case became a model for how Chapter 11 can preserve operations while ownership changes.
Like Noble, GM used Chapter 11 to keep running while it sought a new start. But GM's scale guaranteed government support - Noble has no such backstop.
