General Motors has filed for bankruptcy protection, marking the biggest failure of an industrial company in US history. The widely expected move comes after GM had seen its losses widen following a steep fall in sales in recent years.
The move into bankruptcy protection has been backed by the US government, which is now expected to take a 60% stake in the company.
The White House is also due to announce an extra $30bn (£18.5bn) of aid for GM. President Barack Obama will host a press conference on GM’s future later.
GM, which had already received $20bn of state aid since the end of last year, said in its bankruptcy filing that its current debts total $173bn. Full story…