General Motors Set To File For Bankruptcy

The giant of the car world General Motors is set to file for bankruptcy today. If it does it will go down in history as being the biggest failure of an industrial company in America.

The company had until today, 1st June, to supply a plan of action that could see the company bailed out. But as of yet they have still to supply any form of action plan.

The are reports that President Barack Obama is going to give a press conference and announce a massive funding option to GM to try and save them. This is reported to be around $30 Billion.

GM sales have been plumeting due to the overall financial crisis and they have already recieved $20 Billion in funding already.

So we’ll watch today and hopefully a solution can be found.