General Motors files for bankruptcy protection
General Motors has filed for bankruptcy protection as part of an Obama administration plan to shrink the automaker to a sustainable size and give a majority ownership stake to the federal government.
Posted — UpdatedThe fallen icon of American industrial might filed its Chapter 11 petition in New York on Monday. It marks the fourth-largest bankruptcy in U.S. history and the largest for an industrial company.
GM's reorganization plan will rely on up to $30 billion of additional financial assistance from the Treasury Department. That's on top of the $19.4 billion in taxpayer money GM already has received in the form of low-interest loans.
GM says it will also close service and parts warehouses in Boston, Jacksonville, Fla., and Columbus, Ohio, by the end of this year.
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