May 31st, 2009
12:50 PM ET
6 years ago

Obama to discuss GM bankruptcy filing

Obama is set to announce the bankruptcy of GM.
Obama is set to announce the bankruptcy of GM.

WASHINGTON (CNN) – President Barack Obama will hold an 11:30 a.m. Monday event discussing the bankruptcy filing of General Motors, according to two officials close to the talks.

The officials said that GM is expected to officially file the paperwork on the bankruptcy earlier in the day. Obama will then explain the rationale for the filing and his hopes that this is the best route for a turnaround.

The president made a similar announcement after Chrysler, another of the Big Three automakers, filed for bankruptcy protection on April 30.

But the officials cautioned that the situation remains "very fluid," so it's still possible that GM will technically file the paperwork after Obama speaks.

The expected bankruptcy filing comes despite an agreement reached last Thursday with the Treasury Department and a committee of major bondholders.

The beleaguered Detroit-based automaker has been struggling to survive under the weight of the recession and high fuel prices, which have drastically reduced sales.

GM's stock price plunged below $1 a share Friday, reaching its lowest level since the Great Depression, as investors anticipated the bankruptcy filing.

The company's stock peaked on April 28, 2000, when it closed at $93.63.


Filed under: President Obama
soundoff (74 Responses)
  1. ken
    May 31, 2009 11:52 am at 11:52 am |
  2. clean house
    May 31, 2009 11:53 am at 11:53 am |
  3. You Know me
    May 31, 2009 11:55 am at 11:55 am |
  4. Proud DHS radical
    May 31, 2009 11:56 am at 11:56 am |
  5. katiec
    May 31, 2009 12:00 pm at 12:00 pm |
  6. Whay is Obama involved?
    May 31, 2009 12:03 pm at 12:03 pm |
  7. its not that hard to understand
    May 31, 2009 12:03 pm at 12:03 pm |
  8. Socialism and Cronyism at its worst
    May 31, 2009 12:07 pm at 12:07 pm |
  9. 60's survivor
    May 31, 2009 12:07 pm at 12:07 pm |
  10. Sarah
    May 31, 2009 12:10 pm at 12:10 pm |
  11. Dawn in Pa
    May 31, 2009 12:15 pm at 12:15 pm |
  12. I used to like CNN but not anymore!
    May 31, 2009 12:17 pm at 12:17 pm |
  13. Truth-Bomb Thrower
    May 31, 2009 12:19 pm at 12:19 pm |
  14. Proud Moderate
    May 31, 2009 12:21 pm at 12:21 pm |
  15. Thomas
    May 31, 2009 12:26 pm at 12:26 pm |
  16. Mich
    May 31, 2009 12:26 pm at 12:26 pm |
  17. Chtei
    May 31, 2009 12:28 pm at 12:28 pm |
  18. JJ
    May 31, 2009 12:30 pm at 12:30 pm |
  19. stag
    May 31, 2009 12:34 pm at 12:34 pm |
  20. HJA
    May 31, 2009 12:41 pm at 12:41 pm |
  21. Ted Tartaglia
    May 31, 2009 12:43 pm at 12:43 pm |
  22. Mike TX
    May 31, 2009 12:43 pm at 12:43 pm |
  23. Mike, Syracuse, NY
    May 31, 2009 12:48 pm at 12:48 pm |
  24. Larry from RI
    May 31, 2009 12:53 pm at 12:53 pm |
  25. ML
    May 31, 2009 12:57 pm at 12:57 pm |
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