AP sources: General Motors to file bankruptcy AP sources: General Motors to
file bankruptcy; Government to take 60 percent ownership stake
Related:
WASHINGTON (AP) -- A congressional official says General Motors Corp. will
file for bankruptcy protection Monday and the federal government plans to
take a 60 percent ownership stake in the company.
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The official familiar with the plan says President Barack Obama plans to tell the nation that the government will provide an additional $30 billion in aid to help the automaker emerge from bankruptcy but is committed to staying out of the automaker's business decisions. The plan was confirmed by a second person familiar with the details.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
WASHINGTON (AP) -- A congressional official says General Motors Corp. will file for bankruptcy protection Monday and the federal government plans to take a 60 percent ownership stake in the company.
The official familiar with the plan says President Barack Obama plans to tell the nation that the government will provide an additional $30 billion in aid to help the automaker emerge from bankruptcy but is committed to staying out of the automaker's business decisions. The plan was confirmed by a second person familiar with the details. Received on Sun May 31 2009 - 21:48:54 EDT
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