Detroit automaker to file for Chapter 11 bankruptcy.
Detroit, MI(JusticeNewsFlash.com)–General Motor Corporation (GM) is expected to file for Chapter 11 bankruptcy protection in federal court on Monday, reported the Detroit Free Press on Friday. The American automaker headquartered in Detroit will attempt to restructure itself with even more federal government financing.
The new GM will be owned by the United States government, which means American taxpayers, and the United Auto Worker’s (UAW) health care trust plus current GM bondholders. The U.S. Treasury Department will give at least another $30 billion on top of the already $19.4 billion the Detroit automaker already received in U.S. tax dollar relief funds. General Motors, the largest American automobile, SUV and light truck manufacturer heads Buick, Chevrolet, Cadillac, GMC and Pontiac brands. A federal judge will decide on the Chapter 11 filing.
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