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General Motors, the largest car manufacturer in the United States of America, which employs nearly a quarter of a million people world wide, has filed for bankruptcy. This has initiated the largest industrial insolvency the world has ever seen with debts of £105 billion! The firm, which owns Vauxhall and its European sister Opel, employs 5,500 workers here in the UK. The future of the British employees have entered into uncertainty with sale of the European arm of General Motors to a consortium led by Canadian car parts manufacturer Magna, backed by Russian investment bank Sberbank.