End of the road: General Motors files for bankruptcy
End of the road: General Motors files for bankruptcy
Monday 1st June 2009
General Motors has filed for bankruptcy protection in one of the biggest failures in US corporate history.The US car manufacturer filed for Chapter 11 protection, allowing the company to continue trading as it sorts out its finances.
US officials have confirmed GM will receive just over $30 billion (£18.5 billion) in government money.
The United States government is expected to take a 60 per cent stake in new smaller version of GM, with around 11 factories set to be closed and thousands of jobs being lost.
GM owns Vauxhall in the UK and it's hoped the company's European section will be spared bankruptcy through a deal with Canadian car parts maker Magna International.
Business secretary Lord Mandelson has come under pressure from unions calling on the government to intervene and help bring about a deal which will protect the 5,500 jobs in the UK.
Related News
Sun shines on May house prices - 29/05/09
House prices were up for the second time in three months according to the latest figures from Nationwide
House prices were up for the second time in three months according to the latest figures from Nationwide
Govt's car scrappage scheme leads to boost in sales - 29/05/09
Over 35,000 new cars have been ordered since the launch of the government's new car scrappage scheme last month, official figures show
Over 35,000 new cars have been ordered since the launch of the government's new car scrappage scheme last month, official figures show
UK consumers stoical over economy - 29/05/09
Despite the fear of further job losses and the prospect of a swine flu pandemic, British consumer sentiment held firm in May
Despite the fear of further job losses and the prospect of a swine flu pandemic, British consumer sentiment held firm in May
News Article Search
Quick Apply
News Archive