BBC Business News is reporting that General Motors is expected to file for bankruptcy protection later on today (Monday 1st june 2009), marking the biggest failure of an industrial company in US history.
The stricken firm had until 1 June to present a viable revival plan in return for emergency government funding.
Reports say a majority of bondholders have now agreed to a deal giving them at least a 10% stake in what is likely to emerge as a much smaller company.
President Barack Obama is due to give full details at a news conference. Full story...
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