GM itself had been in a precarious financial situation for several years, which dramatically worsened as a result of the 2008 economic problems, eventually forcing it to seek government aid and potentially filing for bankruptcy. At the time of the announcement, the Oshawa Truck plant was manufacturing the Chevrolet Silverado and GMC Sierra.
The economic crisis of 2008 significantly impacted General Motors' finances, leading them to seek government assistance and potentially file for bankruptcy. The Oshawa Truck Plant was manufacturing the Chevrolet Silverado and GMC Sierra at the time of this announcement.