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US government aid would likely top $30 billion
US says GM bankruptcy to take at least 60-90 days

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The Obama administration estimates that any General Motors Corp bankruptcy would take at least 60 to 90 days and perhaps longer, a senior official said.

The official, who spoke on the condition of anonymity because he was not authorized to speak publicly, would not confirm a specific bankruptcy scenario, but the company is widely expected to seek Chapter 11 protection by Monday.

"I would emphasize that this is a much more complicated company than Chrysler, it's a global company," the official said of GM.

"I think the 60 to 90 day time frame is a better time frame to establish than something that looks like Chrysler," the official said of the shorter schedule estimated to push that company through court restructuring.

The official also said that total new US government aid to GM, including any debtor financing in bankruptcy, would likely top $30 billion. The Canadian government would also offer help in exchange for a stake in the automaker.

GM will also turn over its board, but some members are expected to stay on, the official said.

 

 



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