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| Version 6 | Version 7 |
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| GM ready to file for bankruptcy | GM ready to file for bankruptcy |
| (10 minutes later) | |
| Car giant General Motors is expected to file for bankruptcy protection later on Monday, marking the biggest failure of an industrial company in US history. | Car giant General Motors is expected to file for bankruptcy protection later on Monday, marking the biggest failure of an industrial company in US history. |
| The stricken firm had until 1 June to present a viable revival plan in return for emergency government funding. | The stricken firm had until 1 June to present a viable revival plan in return for emergency government funding. |
| Reports say a majority of bondholders have now agreed to a deal giving them at least a 10% stake in what is likely to emerge as a much smaller company. | Reports say a majority of bondholders have now agreed to a deal giving them at least a 10% stake in what is likely to emerge as a much smaller company. |
| President Barack Obama is due to give full details at a news conference. | President Barack Obama is due to give full details at a news conference. |
| The BBC's Jonathan Beale, in Detroit, says Mr Obama is expected to announce $30bn (£18.5bn) in new funding for GM. | The BBC's Jonathan Beale, in Detroit, says Mr Obama is expected to announce $30bn (£18.5bn) in new funding for GM. |
| GM's sales have been hit hard by the financial crisis and the firm has received $20bn in state aid. | GM's sales have been hit hard by the financial crisis and the firm has received $20bn in state aid. |
| In return for more cash the federal government is reported to be receiving a stake of 60% in a new, leaner company due to be re-launched within 90 days. | In return for more cash the federal government is reported to be receiving a stake of 60% in a new, leaner company due to be re-launched within 90 days. |
| Senior executives at General Motors have been making final preparations for completely restructuring what was once the world's largest car company, under judicial supervision. | Senior executives at General Motors have been making final preparations for completely restructuring what was once the world's largest car company, under judicial supervision. |
| A Chapter 11 bankruptcy filing by GM would rank as the third largest bankruptcy in US history following Lehman Brothers' collapse and the failure of telecoms giant WorldCom. | A Chapter 11 bankruptcy filing by GM would rank as the third largest bankruptcy in US history following Lehman Brothers' collapse and the failure of telecoms giant WorldCom. |
| European deal | European deal |
| The restructuring is likely to drastically change General Motors, with some 20,000 workers thought likely to lose their jobs. | The restructuring is likely to drastically change General Motors, with some 20,000 workers thought likely to lose their jobs. |
| GM has been forced to slash its European operations | GM has been forced to slash its European operations |
| Our correspondent says long-established subsidiaries Pontiac, Saturn and Hummer, as well as Saab, the remaining GM brand in Europe, Saab, are under threat as production plants are expected to close across the country. | Our correspondent says long-established subsidiaries Pontiac, Saturn and Hummer, as well as Saab, the remaining GM brand in Europe, Saab, are under threat as production plants are expected to close across the country. |
| GM's European arm is likely to be spared bankruptcy following a proposed deal by Canadian car parts maker Magna International to buy GM Europe's Vauxhall and Opel brands. | GM's European arm is likely to be spared bankruptcy following a proposed deal by Canadian car parts maker Magna International to buy GM Europe's Vauxhall and Opel brands. |
| However, unions fear that jobs may be lost at Vauxhall plants in Luton and Ellesmere Port, which employ 5,500 people. | However, unions fear that jobs may be lost at Vauxhall plants in Luton and Ellesmere Port, which employ 5,500 people. |
| UK Business Secretary Lord Mandelson said he had received further assurance from GM Europe that Vauxhall production would remain in the UK. | UK Business Secretary Lord Mandelson said he had received further assurance from GM Europe that Vauxhall production would remain in the UK. |
| Jobs may also go in Belgium, Poland and Spain. | Jobs may also go in Belgium, Poland and Spain. |
| GM, once the largest company in the world, has been losing market share since the early 1980s. | GM, once the largest company in the world, has been losing market share since the early 1980s. |
| BANKRUPTCY PROTECTION US bankruptcy protection is called Chapter 11It gives US businesses time to rearrange their finances while continuing to trade, protected from their creditors Ugly choice for GM creditors Mandelson 'reassured' on Vauxhall | BANKRUPTCY PROTECTION US bankruptcy protection is called Chapter 11It gives US businesses time to rearrange their finances while continuing to trade, protected from their creditors Ugly choice for GM creditors Mandelson 'reassured' on Vauxhall |
| It has been driven to bankruptcy because of high production costs and by the collapse in credit markets and consumer spending. It made losses of $30bn last year. | It has been driven to bankruptcy because of high production costs and by the collapse in credit markets and consumer spending. It made losses of $30bn last year. |
| GM was also slow to move away from producing gas-guzzling SUVs when consumers were looking for more fuel-efficient vehicles. | GM was also slow to move away from producing gas-guzzling SUVs when consumers were looking for more fuel-efficient vehicles. |
| Toyota sold more vehicles than GM in 2008, putting an end to the American company's 77-year reign as the world's biggest carmaker. | Toyota sold more vehicles than GM in 2008, putting an end to the American company's 77-year reign as the world's biggest carmaker. |
| 'Deal struck' | 'Deal struck' |
| Crunch talks on Sunday aimed at thrashing out a deal with bondholders and creditors ended with reports of an agreement which correspondents say will ease the restructuring of the Detroit auto giant. | Crunch talks on Sunday aimed at thrashing out a deal with bondholders and creditors ended with reports of an agreement which correspondents say will ease the restructuring of the Detroit auto giant. |
| GM's costs have become unsustainable amid a revenue collapse | GM's costs have become unsustainable amid a revenue collapse |
| Elliot Sloane, spokesman for an ad hoc bondholders committee, said investors representing about 54 percent of GM's bonds had agreed to exchange their unsecured bonds for a 10% stake in a newly restructured company, the Associated Press news agency reported. | Elliot Sloane, spokesman for an ad hoc bondholders committee, said investors representing about 54 percent of GM's bonds had agreed to exchange their unsecured bonds for a 10% stake in a newly restructured company, the Associated Press news agency reported. |
| But it is still possible that dissident bondholders may mount legal challenges in the bankruptcy court. | But it is still possible that dissident bondholders may mount legal challenges in the bankruptcy court. |
| Meanwhile, a US bankruptcy court judge in New York has approved the sale of fellow US carmaker Chrysler to a consortium including Italy's Fiat. | |
| Do you work for GM or is your company connected with GM? Are you affected by the issues in this story? Send us your comments and experiences using the form below. | Do you work for GM or is your company connected with GM? Are you affected by the issues in this story? Send us your comments and experiences using the form below. |
| The BBC may edit your comments and not all emails will be published. Your comments may be published on any BBC media worldwide. Terms & Conditions | The BBC may edit your comments and not all emails will be published. Your comments may be published on any BBC media worldwide. Terms & Conditions |