GM Ax to Fall Monday Morning

It’s official: General Motors will file its bankruptcy papers at 8 a.m. Monday morning. The government is expected to invest over $30 billion in turning around the company. "Under its restructuring plan, GM will shed more than $79 billion in debt, gain work-force savings worth billions of dollars a year, close unneeded facilities and reduce its dealer network by 40%," reports The Wall Street Journal. And as it begins the long road to recovery, "veteran turnaround specialist" Al Koch will be in the driver’s seat. He’s currently a managing director at AlixPartners LLP and has overseen a number of big bankruptcies, including that of Kmart. Koch will separate the ailing company—which will be liquidated—from its government-owned arm, the “New GM.”

Read it at The Wall Street Journal

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