Sources say GM to file for Chapter 11 Monday, announce plant closures - WKOW 27: Madison, WI Breaking News, Weather and Sports

Sources say GM to file for Chapter 11 Monday, announce plant closures

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DETROIT (WKOW) -- A source familiar with talks between General Motors and the government tells the Associated Press a Chapter 11 bankruptcy filing will likely come on Monday, the deadline for the troubled automaker to finish its restructuring plan or enter court protection.

GM owes its investors billions of dollars, but many rejected the company's proposal to swap that debt for a 10 percent stake in ownership.

Sources also predict Monday will be the day GM announces the 14 factories it plans to close.

GM has said it would soon identify which plants would close under its restructuring plan. About 21,000 jobs will be lost. Sources say the company will make the announcement, not union leaders.

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