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29 May 2009
General Motors is expected to enter into US bankruptcy proceedings today after agreeing a deal with creditors.
Holder of unsecured bonds worth $27bn (£16.8bn) will receive a 25% stake in the company.
The US government will provide $30bn in extra financing during the motor company's stay in Chapter 11 bankruptcy proceedings, reported the FT.
GM owns Vauxhall, which employs 5,500 workers in the UK.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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