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GM expected to enter Chapter 11 bankruptcy

29 May 2009, Kevin Reed, AccountancyAge

http://www.accountancyage.com/aa/news/1750749/gm-expected-enter-chapter-bankruptcy

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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