COMPANIES General Motors will file for Chapter 11 protection on Monday in the biggest ever bankruptcy of an industrial company, tapping an additional $30bn in government financing and sparking a probable legal battle between the carmaker’s stakeholders.
President Barack Obama and Fritz Henderson, GM’s chief executive, will speak after the filing in New York, seeking to reassure workers, suppliers, dealers and car buyers that a reinvigorated GM can emerge from a court-supervised restructuring within 60-90 days.
