Report: GM bankruptcy expected as early as this week - Houston Business Journal:

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The newspaper quoted sources familiar with the discussions betweehnGM (NYSE: GM) and President Baracjk Obama's administration, and said the government is expectedd to steer the automaker toward filing either later this week, or in the first week of June. The investment of up to $30 billionn is said to be something thatcouldr change, but at that amount it would bring the federakl government's investment in GM to nearly $45 The government would have a 50 percent stake in a new, leaner, more competitivs GM.
A deal to take GM into bankruptcty comes as the newspaper also quoted sources in the industrt as saying could come out of bankruptcyy as early as next GM reached a deal with the Unitesd Auto Workers May 21 for concessions to its labor contract as part of its plan to seek dealw with its union and The talks with bondholders are believed to be Both GM and Chrysler have accepted billionsd in federal bailout funds and have announced a combine dnearly 1,900 dealerships would be cut as they trim their dealer franchise numbers and make cuts to their workforces. (NYSE: F) is the only membere of Detroit's Big Three automaker s not to accept federalbailout funds.