General Motors files for bankruptcy protection

NEW YORK (AP) - General Motors has filed for bankruptcy protection as part of an Obama administration plan to shrink the automaker to a sustainable size and give a majority ownership stake to the federal government. The fallen icon of American industrial might filed its Chapter 11 petition in New York on Monday. It marks the fourth-largest bankruptcy in U.S. history and the largest for an industrial company. GM's reorganization plan will rely on up to $30 billion of additional financial assistance from the Treasury Department. read more

NECN | June 1, 2009

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