Chapter 11 Bankruptcy | featured news

G.M. said a key group of bondholders agreed not to oppose the reorganization plan in exchange for a stake of 10% in the new G.M., with warrants to buy an additional 15%.

G.M. prepared for a bankruptcy filing, as bondholders rejected an offer to exchange $27 billion in debt for stock.

Judge's approval would set up one of the biggest, fastest bankruptcy proceedings of its kind.

The government will likely hold a large share of G.M. after it emerges from bankruptcy, and the union will hold 17.5 percent through its health fund.

Some auto dealers that Chrysler LLC plans to close are beginning a challenge to the automaker's plans to quickly sell itself in bankruptcy.

After 100 years in business and 10 months of frenzied but failed restructuring, General Motors Corp is weeks from the bankruptcy filing experts say will be required to complete the Obama administration's bid to reshape a fallen icon of American industry.

General Motors Corp is expected to slash up to 1,200 dealers as it struggles to dramatically pare down its operations and eliminate billions of dollars of costs ahead of an anticipated bankruptcy filing by the end of this month.

The carmaker, which filed for bankruptcy protection two weeks ago, sent letters to 789 of its 3,200 American dealers revoking their franchises.

Chicago Sun-Times newsroom employees represented by the Newspaper Guild voted Tuesday night to accept a temporary 9 percent pay cut and other proposals, as parent Sun-Times Media Group operates under Chapter 11 bankruptcy protection and seeks a buyer.

Things were already tough in Kokomo, Indiana.