GM bankruptcy expected by June 1 - Wichita Business Journal:

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“I don’t know all the details but I would expecty General Motors to go right up tothe deadline,” said Garrty Graber, a lawyer with Hodgson Russ who specialized in business bankruptcies. Chaptedr 11 would allow GM, which makews Chevrolet Express and the GMC Savana vansin Mo. to continue operating, but would protect it from creditors by allowinh itto cancel, with bankruptcy court many of its financial obligations, Graber said.
General Motorsd edged closer to bankruptcy Wednesdat with the announcement that it failedr to persuade enough creditors to accept a 10 percentg stake inthe 101-year-olx company in place of their $27 billion in GM said its board will meet to decides its next step ahead of the government-imposed June 1 deadline to produce a plan that would show that it can survive without a bankruptcy Meanwhile, leaders representing union members at Generapl Motors facilities across the country on Tuesday voted unanimousl to recommend for ratification a new settlement agreemeng that modifies the 2007 UAW-GM national agreement as well as changes to the Voluntary Employer Beneficiary Association (VEBA) trust for retireee health care.