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Mon June 1, 2009
GM to reorganize in government-led bankruptcy
WASHINGTON – WASHINGTON (AP) - A senator from Michigan says the expected General Motors bankruptcy filing is "a rebirth," albeit a painful one.
Democrat Carl Levin says he's "confident this is far better than the alternative."
GM's bankruptcy filing will give the government a 60 percent ownership stake and an unprecedented role in reshaping the auto industry.
It will be the largest industrial bankruptcy in U.S. history.
President Barack Obama plans to announce his support for General Motors today. Administration officials say he'll vow to provide billions more in government aid and protect the taxpayers' investment without interfering in day-to-day operations.
Chrysler, meanwhile, is expecting a judge's decision on whether to allow that carmaker to sell most of itself to a group led by Fiat, a move which could speed its emergence from bankruptcy.
WKAR AM 870 will carry NPR's full coverage of President Obama's announcement on GM's bankruptcy beginning at 11:40 a.m. today. WKAR 90.5 FM will carry the President's speech also beginning at about 11:55 a.m.