AP sources: General Motors to file bankruptcy AP sources: General Motors to file bankruptcy; Government to take 60 percent ownership stake
- Ken Thomas, Associated Press Writer - On Sunday May 31, 2009, 9:38 pm EDT - Buzz up! - Print<http://finance.yahoo.com/news/AP-sources-General-Motors-to-apf-15393776.html/print> Related: - General Motors Corporation <http://finance.yahoo.com/q/h?s=gm> WASHINGTON (AP) -- A congressional official says General Motors Corp. will file for bankruptcy protection Monday and the federal government plans to take a 60 percent ownership stake in the company. Related Quotes Symbol Price Change GM <http://finance.yahoo.com/q?s=GM> 0.75 -0.37 [image: Chart for GEN MOTORS] <http://finance.yahoo.com/q?s=GM> {"s" : "gm","k" : "c10,l10,p20,t10","o" : "","j" : ""} The official familiar with the plan says 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. THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below. WASHINGTON (AP) -- A congressional official says General Motors Corp. will file for bankruptcy protection Monday and the federal government plans to take a 60 percent ownership stake in the company. The official familiar with the plan says 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.
