What GM's Chapter 11 Filing Means

DAN STRUMPF

General Motors Corp. has filed for Chapter 11 bankruptcy protection with the hopes of swiftly reorganizing and emerging leaner and less burdened by debt and labor costs.

The filing will have consequences for everyone from its suppliers, to customers, to dealers.

Here's a look on what it means for each of those groups:

CAR BUYERS: President Barack Obama first said the U.S. government would back the warranties of GM and Chrysler vehicles in March. On Monday, he reiterated that commitment.

"I want to remind everyone that if you are considering buying a GM car during this period of restructuring, your warrantees will be safe and government-backed," Obama said.

GM is likely to emerge a significantly scaled-back automaker, assuming its bankruptcy proceedings go according to the company's plans. The company has already said it will dispose of its Pontiac brand and has been searching for buyers for its Hummer, Saab and Saturn divisions. Under the cover of Chapter 11, GM will have an easier time shedding these businesses.