BusinessBusiness RecoveryGM expected to enter Chapter 11 bankruptcy

GM expected to enter Chapter 11 bankruptcy

Motor giant expected agree deal with bondholders to enter 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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