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the largest industrial bankruptcyyin U.S. history, according to MSNBC.com. The will own 60 percentg of the Detroitautomaker (NYSE: GM), and the UAW will take a 17.5 percen stake. The governments of Canada and the province of Ontarioi have agreed to a 12 percent ownership stake in exchang e for providingfinancial aid. GM bondholders will get 10 GM willeliminate one-third of its work close 11 facilities permanentl and three temporarily, and cut 2,600 dealerships. It will sell off its Hummetr andSaturn brands, and continue to manufacture its Chevrolet, Cadillac, Buick and GMC lines.
President Baraco Obama and GM President Fritz Henderson will hold news conferences Mondahy morning to detail thebankruptcy filing. The filing has been expectecd forthis morning, with the and bondholderxs for Detroit-based GM signing off on the government-brokeredr deal. GM employs 92,000 in the United States and is indirectlyh responsiblefor 500,000 retirees. GM operatee a parts and service facility in West Chestere and closed its SUV assembly plang in Morainein December.
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