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General Motors will file for bankruptcy today, indicating the handover of the 77-year old largest automaker in the world to the hands of US taxpayers. The 'reluctant equity owner' - US government, representing 60% stake of the new GM, will provide $30.1B as bankruptcy financing to the company while the Canadian government will own 12%. The restructuring will cause closure of 11 factories and elimination of more than 20K job positions next year. The new GM will be armed with vehicles from its Cadillac, Chevrolet, Buick and GMC units with annual US car sales expected to be lowered to 10M from 16M units.
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