GM expected to enter Chapter 11 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

GM owns Vauxhall, which employs 5,500 workers in the UK.

Related reading