BREAKING NEWS

Congressional official: General Motors to file for bankruptcy

JUNE 1, 2009 04:35

General Motors Corp. will file for bankruptcy protection Monday and the federal government plans to take a 60 percent ownership stake in the company, according to a congressional official. The official familiar with the plan said that US 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.

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