General Motors Corp bankruptcy filing planned for Monday

By: Peter Chubb | Posted: June 1, 2009 | No Comments
Filed under: Autos

Plans have now been finalized between General Motors Corp (NYSE:GM) and the U.S. government for the troubled automaker to reorganize itself, as GM will file for Chapter 11 bankruptcy protection on Monday. The automaker is now facing an uncertain future, one that we will all be keeping an eye on.

Reuters reports that AlixPartners LLP managing director Al Koch, is to be appointed as the Chief Restructuring Officer at GM. Seems like Koch has walked in to a job where the whole world will be watching him.

Barack Obama is thought to be outlining what the next steps for General Motors should be, the federal government is about to comment at least $60 billion in extra financing in exchange for more than a 70 percent stake in the troubled automaker.

So what will the ramifications of the GM bankruptcy filings be?

For a full report, view the link within the post.

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