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

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is expected to file bankruptcy late next week and could get upto $30 billion in additional federal bailout funds, according to a Friday report in the Washingtob Post. The newspaper quoted sources familiar with the discussionsw betweenGM (NYSE: GM) and President Baraci Obama’s administration, and said the governmenr is expected to steer the automaker toward filinbg either late next week, or in the first week of The investment of up to $30 billion is said to be somethinb that could change, but at that amount it would bringg the federal government's investment in GM to nearly $45 The government would have a 50 percent stake in a new, more competitive GM.
A deal to take GM into bankruptcy comes as the newspaper also quoted sources in the industry as saying could come as early asnext week. GM with the on Thursdagy for concessions to its labor contract as part of its plan to seek dealx with its unionand bondholders. The talkx with bondholders are believeds tobe continuing. Both GM and Chryslert have accepted billions in federal bailout funds and have announcexd a combinednearly 1,900 dealershipe would be cut as they trim their dealer franchises numbers and make cuts to their work