General Motors files for bankruptcy protection - WKOW 27: Madison, WI Breaking News, Weather and Sports

General Motors files for bankruptcy protection


NEW YORK (WKOW) -- General Motors officially filed for Bankruptcy protection on Monday morning, marking the fourth-largest bankruptcy in U.S. history and the largest for an industrial country in the nation's history.

The Obama administration ordered the fallen auto giant to reorganize or face Chapter 11. Now majority ownership falls to the federal government.

GM will receive up to $30 billion in additional financing from the Treasury Department, on top of the $19.4 billion in taxpayer money GM already took in as low-interest loans.

Powered by Frankly