General Motors filed for Chapter 11 bankruptcy in June 2009 after facing a liquidity crisis due to declining sales and revenues exacerbated by the global financial crisis. The company received $13.4 billion in federal loans from the US government to restructure its operations and reduce costs. However, GM still faced challenges emerging from bankruptcy due to lingering brand issues, an unfavorable shift in consumer preferences away from trucks, and the potential for government influence over product decisions as the largest shareholder.