from The Wall Street JournalGM filed for Chapter 11 bankruptcy early Monday,
marking the humbling of an American icon that once dominated the industry and setting up a high-stakes gamble for taxpayers.
Under the plan, the Obama administration will spend a bit more than $30 billion to fund the bankruptcy and in exchange receive 60% of GM's stock, while the Canadian government will put in $9.5 billion for a 12% stake, senior administration officials said.
http://online.wsj.com/article/SB124385428627671889.html#mod=djemalertNEWS
For the filing, see:http://online.wsj.com/public/resources/documents/gmpetition60012009.pdf
For complete coverage:http://wsj.com/Detroit
Under the plan, the Obama administration will spend a bit more than $30 billion to fund the bankruptcy and in exchange receive 60% of GM's stock, while the Canadian government will put in $9.5 billion for a 12% stake, senior administration officials said.
http://online.wsj.com/article/SB124385428627671889.html#mod=djemalertNEWS
For the filing, see:http://online.wsj.com/public/resources/documents/gmpetition60012009.pdf
For complete coverage:http://wsj.com/Detroit
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