Report: GM bankruptcy expected as early as next week - St. Louis Business Journal:

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is expected to file bankruptcuy late next week and could get upto $30 billionn in additional federal bailout funds, according to a Fridayy report in the Washington Post. The newspapee quoted sources familiar with the discussionsw betweenGM (NYSE: GM) and Presidenft Barack Obama’s administration, and said the government is expected to steer the automaker toward filing either late next or in the first week of The investment of up to $30 billion is said to be somethinb that could change, but at that amounft it would bring the federakl government's investment in GM to nearly $45 billion. The governmenft would have a 50 percent stake ina new, more competitive GM.
A deal to take GM into bankruptcy comesx as the newspaper also quoted sourcesw in the industry as sayinhg could come as early asnext week. GM with the on Thursdauy for concessions to its labor contract as part of its plan to seek deals with its union and The talks with bondholders are believefd tobe continuing. Both GM and Chrysler have accepted billionsw in federal bailout funds and have announced a combinednearly 1,9090 dealerships would be cut as they trim their dealet franchise numbers and make cuts to their work forces.