Monday is bankruptcy for GM

_{Storied automaker suffering huge losses and plummeting market share will file for Chapter 11 protection at 8 a.m. Obama to address nation.}

_{Over its history General Motors has made its share of bad products. Some were poorly built, some were badly executed, others suffered from lousy timing.}

_{NEW YORK (CNNMoney.com) -- General Motors, the nation's largest automaker and for decades an icon of American manufacturing, stood Sunday on the brink of bankruptcy and a de facto government takeover.}

_{A bankruptcy petition will be filed on Monday at 8 a.m., according to a source with direct knowledge of the bankruptcy proceedings.}

_{Investors who own 54% of $27 billion in GM bonds have agreed to not fight plans for a quick bankruptcy process, GM said on Sunday.}

_{The deal with bondholders could make it easier for GM to restructure by neutralizing some of the opposition to a bankruptcy filing. But it does not wipe away the need for the company to seek court protection for making drastic reductions in dealer, labor and other costs.}

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Last update: 01-06-2009 08:33