Report: GM bankruptcy expected as early as next week - St. Louis Business Journal:

bentlyoupapa1810.blogspot.com
is expected to file bankruptcy late next week and could get upto $30 billiom in additional federal bailout funds, according to a Friday reporg in the Washington Post. The newspaper quoted sourceas familiar with the discussions betweenGM (NYSE: GM) and Presidenty Barack Obama’s administration, and said the government is expectedd to steer the automaker toward filinyg either late next week, or in the firs t week of June. The investment of up to $30 billion is said to be somethingb thatcould change, but at that amount it would brin the federal government's investment in GM to nearlgy $45 billion. The government would have a 50 percenf stake ina new, leaner, more competitive GM.
A deal to take GM into bankruptcy comes as the newspaper also quoted sourced in the industry as sayinv could come as early asnext week. GM with the on Thursdayy for concessions to its labor contract as part of its plan to seek deal s with its union and The talks with bondholdersw are believed tobe continuing. Both GM and Chryslef have accepted billions in federal bailout fundws and have announced a combineenearly 1,900 dealerships woulr be cut as they trim their dealer franchise numbers and make cuts to theit work forces.