AP sources: General Motors to file bankruptcy; Government to take 60 percent ownership stake

AP sources: General Motors to file bankruptcy

WASHINGTON — A congressional official says General Motors Corp. will file for bankruptcy protection Monday and the federal government plans to take a 60 percent ownership stake in the company.

The official familiar with the plan says President Barack Obama plans to tell the nation that the government will provide an additional $30 billion in aid to help the automaker emerge from bankruptcy but is committed to staying out of the automaker’s business decisions. The plan was confirmed by a second person familiar with the details.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

WASHINGTON (AP) — A congressional official says General Motors Corp. will file for bankruptcy protection Monday and the federal government plans to take a 60 percent ownership stake in the company.

The official familiar with the plan says President Barack Obama plans to tell the nation that the government will provide an additional $30 billion in aid to help the automaker emerge from bankruptcy but is committed to staying out of the automaker’s business decisions. The plan was confirmed by a second person familiar with the details.