And another one bites the dust. Or, at least files for protection from completely biting the dust.

This morning, General Motors announced that it would file for bankruptcy with the U.S. Bankruptcy Court in the Southern District of New York. This came as no big surprise to many, as the Obama administration has been pushing for this outcome — just as it’s doing with Chrysler.

Under the proposed restructuring, about 60% of the new GM would be owned by the United States, about 12% by the governments of Canada and Ontario, a union health trust would own 17.5%, and the company’s current bondholders would get 10%.

The U.S. government has already invested $20 billion into the failing auto giant and they plan to invest another $30 billion during and after the GM bankruptcy process. But will all this save this once mighty flagship of American car manufacturing?

GM is much larger and has a more far-reaching scope than that of Chrysler, which makes this restructuring plan a gargantuan task. But Chrysler seems to be on the right path for reorganization — a federal bankruptcy judge has approved the sale of most of Chrysler’s assets to Italian automaker Fiat.

And I leave you with one last piece of automaker news: If you’re looking for GM on the Dow, you won’t find it. The company’s listing has been replaced by Cisco, marking an end to GM’s 89-year run on the coveted list of 30 U.S. companies.

Today marks the day we have witnessed the largest industrial bankruptcy in U.S. history. Let’s hope we don’t see another company break that record anytime soon.

GM's former CEO, Rick Wagoner, was aked to resign in March by the Obama administration.