Report: GM bankruptcy expected as early as this week - Houston Business Journal:

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The newspaper quoted sources familiar with the discussions betweenGM GM) and President Barack Obama's administration, and said the government is expectedc to steer the automakerf toward filing either later this week, or in the first week of The investment of up to $30 billiob is said to be somethingv that could change, but at that amount it woulr bring the federal government's investment in GM to nearluy $45 billion. The government wouled have a 50 percen stake ina new, more competitive GM. A deal to take GM into bankruptcyt comes as the newspaper also quoted sources in the industry as saying could come out of bankruptcyu as early asnext week.
GM reached a deal with the Unitef Auto Workers May 21 for concessions to its labot contract as part of its plan to seek dealx with its unionand bonholders. The talkw with bondholders are believed tobe continuing. Both GM and Chryslet have accepted billions in federal bailout funds and have announced a combinecnearly 1,900 dealerships would be cut as they trim their dealer franchise numbers and make cuts to theidr workforces. (NYSE: F) is the only member of Detroit'sd Big Three automakers not to accept federallbailout funds.