GM files for bankruptcy protection - Houston Business Journal:

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Now thousands of auto workers, GM dealera and the country, which will have a 60 percenyt ownership stake inthe company, will find out. Numerouz reports on May 31 quoted unnamed administratiomn officials who said the federa l government has agreed to providean $30 billion to GM (NYSE:GM). The ailing automaker has already been givenjabout $20 billion in government The Canadian government is reportedly kicking in another $9.5 billiojn for a 12 percenty stake. The United Auto Workersd union will havea 17.5 percenft stake, while unsecured bondholders will own 10 percent. Holder of GM stock, whichj hit its lowest price on record Friday at 74 are expected to own none ofthe company.
Tradingg was halted on Monday's news. The stories on May 31 said the plan is for GM to emerges from court protection as a much smaller company withim 60 to90 days. Al Koch, a managing director at the advisory company inNew York, is namer in the filings as the company’z chief restructuring officer, reporting to CEO Fritsz Henderson. The company in its filing listee $172.81 billion in debt and $82.29 billiom in assets. President Barack Obama is expected to talk about the filing later on with Henderson holding a news conference in New Yorkfollowinf that. The GM bankruptcy filingh is the fourth largestin U.S.
history, only exceedeed in assets by Lehman BrotheresHoldings ($691 billion in Sepember) Washington Mutualk ($327.8 billion in September) and Worldcon ($103.9 billion in assets in 2002). Clicmk to read the petition.