New York Times: “The bankruptcy, to be filed in New York, is a moment of reckoning for an industry that was once at the heart of the American economy. It culminates a remarkable four months of confrontation between Washington and Detroit that is expected to result in a drastic downsizing of the company. It also places the government in uncharted territory as a business owner, as it takes a 60 percent ownership stake in the company during its restructuring.”

• See also these related New York Times articles: The 31-Year-Old in Charge of Dismantling G.M. and After Many Stumbles, the Fall of an American Giant as well as a timeline: Milestones in the Carmakers’ Crisis – Major events in the automakers’ decline and rescue efforts.
• News release: “General Motors announced today that the U.S. Department of the Treasury has informed the company that the support of more than 54% of the bondholders allows GM to proceed with the 363 Sale Proposal announced in a Form 8-K filing on May 28, 2009.”
• WSJ Auto Industry News
• Related postings on auto industry as well as on the financial system