General Motors Corp will file for bankruptcy later on Monday, U.S. officials said, forcing the 100-year-old automaker once seen as a symbol of American economic might and dynamism into a new and uncertain era of government ownership.
The planned filing, confirmed by Obama administration officials, would be the third-largest in U.S. history and the largest-ever U.S. manufacturing bankruptcy.
The decision to push GM into a fast-track bankruptcy, and provide $30 billion of additional taxpayer funds to restructure the automaker is a huge gamble for the Obama presidency.
But in a sign of progress in the government’s high-stakes effort, a bankruptcy judge approved the sale of substantially all of U.S. automaker Chrysler’s assets to a group led by Italy’s Fiat in an opinion filed late on Sunday.
Chrysler’s bankruptcy, also financed by the U.S. Treasury, has been widely seen as a test run for the much bigger and more complex reorganization of GM.
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