GM driving toward bankruptcy court

Shares of GM lost 49 cents, or nearly 26%, to close at $1.43.

By MSN Money May 22, 2009 6:07PM

The Obama administration is preparing to send GM into bankruptcy protection, according to published reports. The government would give the troubled automaker an additional $30 billion or so in federal loans, bringing the U.S. investment to $45 billion. General Motors hopes by July 1 to get bankruptcy court approval of a plan to peel off its good brands and assets into a viable company.

GM's bondholders, who hold about $27 billion of the company's debt, have resisted a proposal put forth by the company and the government to swap debt for a stake in the revamped company. Debtholders have protested that the deal is inadequate, given the risk that the new GM may also fail.

Chrysler was forced into bankruptcy protection at the end of last month.

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