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Report: GM Bankruptcy Filing Expected 6am Monday (Visit this link)
David Shepardson from the Detroit News: The White House late Sunday evening set in motion another chapter in General Motors' 100-year history when it confirmed that the Detroit automaker would file for bankruptcy Monday morning. The company, which has weathered war, intense competition and the ups and downs of the market, couldn't stay afloat without help from the government and in turn will restructure its mounting debts in federal bankruptcy court. The filing, forced by the Obama administration after it pushed Chrysler LLC into bankruptcy on April 30, will come before the markets open in U.S. Bankruptcy Court in New York. The automaker hopes to emerge from court oversight within 90 days. Its iconic headquarters in Detroit will stay, and an outsider will be named as chief restructuring officer, though chief executive Fritz Henderson will remain. A government official said it had no plans to loan GM any more money beyond the new $30.1 billion. "This is it," the official said - though not completely closing the door at this time. GM, the storied 100-year-old Detroit automaker that once was the world's largest company, was forced into bankruptcy by the administration after losing $88 billion since 2005. The company ran out of money in late 2008 before being rescued by $13.4 billion in government loans in the waning days of the Bush administration. "Today will rank as another historic day for the company - the end of an old General Motors, and the beginning of a new one," the White House said in a fact sheet.
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