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General Motors, Saturn LLC, and Saturn Distribution Corporation All File for Bankruptcy Protection

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As expected, GM filed for bankruptcy protection this morning in a New York based Bankruptcy Court. Fritz Henderson, GM's CEO, told reporters that "Our agreement with the U.S. Treasury and the governments of Canada and Ontario will create a leaner, quicker more customer-and completely product-focused company, one that's more cost competitive and has a competitive balance sheet. This new GM will be built from the strongest parts of our business, including our best brands and products."