GM Files Bankruptcy
June 1, 2009 - 1:45pm
NEW YORK (AP) - General Motors has filed for Chapter 11 bankruptcy protection and announced it will permanently close nine more plants while idling three others.
The bankruptcy filing is part of the Obama administration's plan to shrink the automaker to a sustainable size.
The federal government will assume a 60 percent ownership stake, with Canada and the United Auto workers also getting substantial shares.
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