GM to File Bankruptcy Monday Morning
General Motors is expected to file for bankruptcy protection tomorrow morning.
Under the restructuring, U.S. taxpayers will own 70% of the new company.
GM is racing to meet the government's Monday deadline to qualify for more aid. It already has received about $20 billion in government loans and could get $30 billion more to make it through what is expected to be a 60- to 90-day reorganization in bankruptcy court.
How it is expected to work: [More...]
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