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| Version 0 | Version 1 |
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| GM enters bankruptcy protection | GM enters bankruptcy protection |
| (10 minutes later) | |
| Car giant General Motors (GM) has filed for bankruptcy protection, marking the biggest failure of an industrial company in US history. | Car giant General Motors (GM) has filed for bankruptcy protection, marking the biggest failure of an industrial company in US history. |
| The widely expected move comes after GM had seen its losses widen following a steep fall in sales in recent years. | The widely expected move comes after GM had seen its losses widen following a steep fall in sales in recent years. |
| The move into bankruptcy protection has been backed by the US government, which is now expected to take a 60% stake in the company. | The move into bankruptcy protection has been backed by the US government, which is now expected to take a 60% stake in the company. |
| GM had already received $20bn of state aid since the end of last year. | |
| The US government is now also expected to announce an additional $30bn (£18.5bn) of financial support for the company, with President Barack Obama due to host a press conference on GM's future later. | |
| GM said in its bankruptcy filing that its current debts total $173bn. | |
| Expected job cuts | Expected job cuts |
| US Chapter 11 bankruptcy protection gives an American company time to restructure its finances while being protected from its creditors. | US Chapter 11 bankruptcy protection gives an American company time to restructure its finances while being protected from its creditors. |
| 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 |
| The restructuring is likely to drastically change GM, with some 20,000 US workers thought likely to lose their jobs. | The restructuring is likely to drastically change GM, with some 20,000 US workers thought likely to lose their jobs. |
| However, 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, 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. |
| 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. |