GM to file for bankruptcy early Monday: ReportJune 1st, 2009 - 7:01 am ICT by IANS
Washington, June 1 (DPA) US auto giant General Motors is expected to file its bankruptcy papers at 8 a.m. (1200 GMT) in New York, the Wall Street Journal reported online Sunday.
The auto industry has been bracing for weeks for the expected bankruptcy declaration by the country’s largest car maker, but the exact plans have not been previously reported.
GM is expected to name Al Koch, a managing director at the firm AlixPartners LLP, as its chief restructuring officer as the firm seeks protection under Chapter 11 of the bankruptcy laws, the Journal reported, quoting unnamed sources..
US President Barack Obama is expected to speak as the government deadline to prove financial viability expires on Monday. GM head Fritz Henderson is scheduled to make comments at 1700 GMT from New York.
Koch oversaw other turnaround moves, including the bankruptcies of KMart Corporation.
Tags: auto industry, bankruptcies, bankruptcy laws, bankruptcy papers, barack obama, car maker, chapter 11, early monday, exact plans, financial viability, fritz, general motors, gm, government deadline, kmart, koch, managing director, monday report, unnamed sources, wall street journal