Signals the end of the company’s 77 year history

General Motors Corp., the world’s largest automaker, filed for bankruptcy protection with a plan to modernise the company so that it can compete in global markets, reported Bloomberg.

The bankruptcy signals the end of the carmakers 77 year history.

GM reported $82.29bn in assets and $172.81bn in debt, according to the news agency.

The US, which will bankroll the transformation, plans to convert its $50bn of loans to a 60 % stake in the new entity, administration officials said.

Detroit-based GM is the largest manufacturer to file for bankruptcy.