GM Files for Bankruptcy

By: Associated Press
By: Associated Press

General Motors has filed for bankruptcy protection as part of an Obama administration plan to shrink the automaker to a sustainable size and give a majority ownership stake to the federal government.

The fallen icon of American industrial might filed its Chapter 11 petition in New York on Monday. It marks the fourth-largest bankruptcy in U.S. history and the largest for an industrial company.

GM's reorganization plan will rely on up to $30 billion of additional financial assistance from the Treasury Department. That's on top of the $19.4 billion in taxpayer money GM already has received in the form of low-interest loans.

WILX.com will stream President Obama's comments on the bankruptcy shortly before noon today and will also provide overage of GM Chairman Fritz Henderson immediately following.


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