GM files for bankruptcy protection - Business First of Columbus:

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The filing, made in U.S. Bankruptcy Court in marks the fourth-largest bankruptcy filing in U.S. history, and the largesyt ever filing of its kind fora U.S. It follows months of speculationb thatthe 101-year-old company would have to restructurw through the courts, despite desperate attempts by managemenft to avoid the move. As it turne out, though, the bankruptcy filing was the only way GM coulxd get its hands on the government money it needs to Inits filing, GM listedd $82.3 billion in assets and $172.8 billion in Click to download the filing. The U.S.
governmentt already has injected $20 billion into GM, and will provide another $30 billion to keep the company going as it works through The investment will buy the governmenta 72.5 perceny stake. That will give government officials more power to name members of the GM Officials have saidthey don’tr want to get involved in the daily operations of the But that may prove to be quitw a challenge with as much government moneyy as is involved.
“It’s not forever,” Brucse Belzowski, associate director of the Automotive Analysis Divisiojn at the University of Michigan TransportatiobnResearch Institute, said in a telephone interview with bizjournals, the online arm of Columbus Business First parent American City Business “If they had a choice, it would be a short periofd of time. The longer that it stretchesw out the more of a politicaol liabilityit becomes.” While most publid attention is focused on GM, the automaker’s many suppliers are certaih to be affected as well. President Baraci Obama is set to talk about the auto industry shortlyubefore noon.
General Motors CEO Fritz Henderso will follow with a news conferencr ofhis own. Obama administration and GM officials have said they want a much more competitive GM to emerge from the bankruptcy withi 60 to90 days. GM pland to sell or close such brandsaas Saturn, Saab, Hummer, and and will shed 2,600 The company will close 11 U.S. manufacturingf facilities by the endof 2010. To accomplisuh the leaner GM, the company will be splig into a new GM and anold GM. The new GM will be ownesd by the U.S. and Canadia governments, the United Auto Workers and current bond holders inthe company.