Car giant General Motors (GM) has filed for bankruptcy protection, marking the biggest failure of an industrial company in US history.
The widely expected move comes after GM had seen its losses widen following a steep fall in sales in recent years.
The move into bankruptcy protection has been backed by the US government, which is now expected to take a 60% stake in the company.
The White House is also going to put another $30bn (£18.5bn) into GM.
President Barack Obama described the move as "tough" but said it was "also fair" and added it would "give this iconic American company a chance to rise again". |
