GM preps for bankruptcy protection announcement
Published 06/01/2009, The Associated Press
WASHINGTON — General Motors, the humbled auto giant that has been part of American life for more than 100 years, will file for bankruptcy protection today in a deal that will give taxpayers a 60 percent ownership stake and expand the government’s reach into big business.
It would be the largest industrial bankruptcy in U.S. history, and the fourthlargest overall. In addition, a GM bankruptcy would be unprecedented as the federal government would pump billions more into the company.