Bankruptcy Ahead for General Motors

UNDATED—America's largest automaker is days from becoming one of America's largest bankruptcies.

General Motors is expected to seek bankruptcy protection Monday. In bankruptcy the U.S. Government will own the majority of GM. The Canadian government, the United Auto Workers and bondholders will control the rest.

It is estimated that the federal government will back GM with 30 to 50-billion dollars. In order to get back in the black, GM will cut 21-thousand hourly jobs, close 14 plants and drop 11-hundred dealers. In addition, major brands such as Pontiac, Saturn, Saab and hummer will be discontinued.