Congressional official: General Motors to file for bankruptcy
By JERUSALEM POST STAFF
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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