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GM files for bankruptcy protection

NEW YORK (AP) - General Motors has filed for bankruptcy
protection as part of an Obama administration plan to shrink the
automaker to a sustainable size and give a majority ownership stake
to the federal government.
The fallen icon of American industrial might filed its Chapter
11 petition in New York on Monday. It marks the fourth-largest
bankruptcy in U.S. history and the largest for an industrial
company.
GM's reorganization plan will rely on up to $30 billion of
additional financial assistance from the Treasury Department.
That's on top of the $19.4 billion in taxpayer money GM already has
received in the form of low-interest loans.


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