US auto legend GM files for bankruptcy
The legendary US auto manufacturing behemoth, General Motors has filed for bankruptcy protection in New York on Monday.
The US industrial giant enters the process with billions in government financing and agreements already in place to cut labour costs, swap much of its debt for equity and reduce its liabilities by 50%.
Senior US officials hope that it will be a swift process in which GM should be able to reemerge from bankruptcy protection as a new, leaner company within 60 to 90 days.
Officials said the process is expected to be similar to that of another key auto company Chrysler, which is expected to emerge from bankruptcy protection this week after just over a month.