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Official: US gets 60% of GM after bankruptcy

(Agencies)
Updated: 2009-06-01 10:31

WASHINGTON -- General Motors Corp will file for bankruptcy protection on Monday to complete a restructuring within three months that will give US taxpayers a 60 percent stake for $50 billion in aid, an Obama administration official said on Sunday night.

General Motors SUVs used by the organizing committee of the 2010 Olympic Winter Games sit in a lot near their offices in Vancouver, British Columbia May 31, 2009. [Agencies]

Related readings:  GM prepares for bankruptcy protection announcement  GM bondholder deadline passes, focus now on Ch. 11  With bankruptcy looming, a new GM begins to emerge  GM says US to own 72% under bankruptcy plan  GM: bondholders accept debt-for-equity offer

The total includes nearly $20 billion already extended to the automaker this year, and there are no plans for additional aid, according to the official, who requested anonymity ahead of President Barack Obama's Monday remarks on GM.

Canada will loan GM $9.5 billion in return for about 12 percent equity. In exchange for concessions, a United Auto Workers retiree healthcare trust will own 17.5 percent equity and unsecured bondholders, 10 percent. The union and debtholders will also get warrants to buy more of GM.