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Last updated on Monday, June 1, 2009
(DETROIT) - As expected General Motors declared for chapter 11 bankruptcy today. Most of GM’s assets will be sold to a new company.
The process will be smoothed by a deal giving bondholders an equity stake in the reorganized gm. Bloomberg reports an Obama administration official who says the bankruptcy will last for 60 to 90 days.
The Detroit-based automaker has key Indiana facilities in Fort Wayne, Indianapolis, Marion and here in Bedford.
According to initial reports the Bedford plant will remain open, surviving numerous job cuts and around a dozen plant closing announced as part of the bankruptcy plan today.
Keep checking WBIW.com for more on this story as it becomes available.
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