Updated: General Motors files for bankruptcy
Published:Monday | June 1, 2009 | 1:22 PM
Car giant General Motors (GM) has filed for bankruptcy protection, marking the biggest failure of an industrial company in US history.
The widely expected move comes after GM had seen its losses widen following a steep fall in sales in recent years.
The move into bankruptcy protection has been backed by the US government, which is now expected to take a 60 per cent stake in the company.
The White House is also due to announce an extra US$30B in aid for GM.
President Barack Obama is scheduled to host a press conference on GM\'s future later, to be followed by a press conference by the firm\'s chief executive, Fritz Henderson.
In its bankruptcy filing, GM which had already received US$20B of emergency loans since the end of last year, says its current debts total US$173B.