Everything You Want to Know About the 2009 Corvette, All in One Place.
The arrival of the 2009 Corvette came at a time when General Motors, and indeed the world, was facing considerable economic hardships. The financial crisis and the dramatic drop in the U.S. vehicle market exposed deficiencies within General Motors that had to be addressed.
As sales slowed to a crawl (despite an improved vehicle lineup that consumers found appealing, even without added incentives) and their own cash reserves nearly depleted, GM was forced to accept a government-ordered “managed” bankruptcy in the summer of 2009.
GM filed for Chapter 11 reorganization in the Manhattan New York federal bankruptcy court on June 1, 2009 at approximately 8:00 am EST. In order to keep General Motors from truly going under, it was decided that GM would receive a taxpayer-funded bailout in exchange for a massive, corporation-wide reorganization.
The reorganization would be spearheaded by the U.S. Government, and supervised by a “car czar” appointed by President Barack Obama. During this process, GM Chairman and CEO Rick Wagoner was forced to resign. At the end of it all, General Motors would be transformed from a company with eight unique brands – which (up to the reorganization) included Pontiac, Saab, Saturn, and Hummer – to just four – which included the surviving brands of Chevrolet, Buick, GMC, and Cadillac.