Report: GM bankruptcy expected as early as next week - Pacific Business News (Honolulu):

esivyjifag.wordpress.com
The newspaper quoted sources familiar with the discussionsx betweenGM (NYSE: GM) and President Barack Obama's administration, and said the governmen is expected to steer the automaker toward filing either late next week or in the firsf week of June. The investment of up to $30 billion is said to be something thatcoulfd change, but at that amount it would bringh the federal government's investment in GM to nearlyt $45 billion. The government would have a 50 percen stake ina new, leaner, more competitive GM.
A deal to take GM into bankruptcg comes as the newspaper also quoted sources in the industrt as saying could come out of bankruptcy as early as next GM reached a deal with the Uniteds Auto Workers Thursday for concessions to its labort contract as part of its plan to seek deale with its unionand bondholders. The talks with bondholders are believecd tobe continuing. Both GM and Chrysled have accepted billions in federal bailour funds and have announced a combinednearlgy 1,900 dealerships would be cut as they trim their dealed franchise numbers and make cuts to their work forces. F) is the only member of Detroit's Big Threer automakers not to accept federalbailout funds.