It’s official since 8 AM: General Motors is going bankrupt. U.S. President Barack Obama will hold a press conference at noon, while GM CEO Fritz Henderson will follow 15 minutes later with the company’s statement.
The U.S. Government will inject another 30 billion dollars and own a 60% stake in the fallen automaker. The Canadian Government will also own a reported 12% share, thanks to a 9.5-billion investment, and Prime Minister Harper is also expected to make a statement today. The United Auto Workers will also get a 17.5% stake in the new and leaner company that will rise from the ashes.
Stay tuned for more details.
The U.S. Government will inject another 30 billion dollars and own a 60% stake in the fallen automaker. The Canadian Government will also own a reported 12% share, thanks to a 9.5-billion investment, and Prime Minister Harper is also expected to make a statement today. The United Auto Workers will also get a 17.5% stake in the new and leaner company that will rise from the ashes.
Stay tuned for more details.