GM May File for Bankruptcy as Early as Next Week, Report

The Obama administration is preparing to  send General Motors (GM) into bankruptcy next week under a plan that would give the struggling automaker tens of billions of dollars more in public financing, The Washington Post reported on Thursday, citing sources familiar with the discussions.

Under the GM draft bankruptcy plan, the company would receive nearly $30 billion in additional federal loans, the newspaper quoted a source as saying.

The move comes as the administration prepares to lift the nation’s other faltering car company, Chrysler, from bankruptcy protection as soon as next week.

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