Confirmed: General Motors (GM) has filed for bankruptcy

We now have the news that we have all been waiting on, General Motors (NYSE:GM) have confirmed that they have filed for bankruptcy protection. This is a sad day for GM, as it has now marked the end of financial independence, the 100-year-old automaker was once a force in the auto industry, it was once the largest in the world.

The Washington Post explains that the Obama administration said that the purpose of the bankruptcy is to allow GM to restructure itself, much the same as they have been doing with Chrysler. The government hopes that General Motors will be able to come out of this as a smaller more lean company, it will have fewer workers, les brands and more importantly, less debt.

The Associated Press reported the bankruptcy filing at 8 a.m., after this a GM affiliate preceded the petition. During the GM bankruptcy process the U.S., government will invest a further $30 billion; this will bring its commitment to $50 billion.

Following the news of the banruptcy filing, what will the impact be like for the auto suppliers and industry