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Car giant General Motors (GM) has filed for bankruptcy protection, marking the biggest failure of an industrial company in US history.
The widely expected move comes after GM had seen its losses widen following a steep fall in sales in recent years, the BBC reported.
The move into bankruptcy protection has been backed by the US government, which is now expected to take a 60% stake in the company.
The White House is also due to announce an extra USD 30 B of aid for GM. President Barack Obama will host a press conference on GM's future later Monday.
GM, which had already received USD 20 B of state aid since the end of last year, said in its bankruptcy filing that its current debts total USD 173 B.
US Chapter 11 bankruptcy protection gives an American company time to restructure its finances while being protected from its creditors.
It is expected that GM may be able to exist bankruptcy protection within 60 to 90 days.
GM, once the largest company in the world, has been losing market share since the early 1980s.
Japanese automotive giant Toyota announced Wednesday that its factories in China will remain closed until February 9th due to the spread of the deadly coronavirus.
The United Automobile Workers Union in the United States is launching a national strike against General Motors.
General Motors aims to launch a public ride-sharing service across several cities that uses fully self-driving cars by 2019, potentially becoming the first traditional carmaker to deploy autonomous technology at scale in the real world.
Bulgarian President, Rosen Plevneliev will test drive Monday the US-made Chevrolet Volt hybrid automobile.
Saab Automobile filed for bankruptcy on Monday after it hopes to be saved by Chinese investors turned out to be futile.
General Motors (GM) has confirmed that it plans to cut 10 000 jobs across its European car unit Opel, which includes the Vauxhall brand in the UK.
US President Donald Trump has sharply criticized NATO allies over what he described as their unwillingness to support Washington during the war with Iran, following a two-hour meeting with Secretary-General Mark Rutte at the White House
Lebanon has declared a national day of mourning after one of the deadliest days in recent months, with at least 254 people killed and more than 1,165 injured in Israeli strikes carried out shortly after the announcement of a US-Iran ceasefire
The caretaker government has approved a decision endorsing the Partnership Agreement between the European Union and its Member States and the Mercosur bloc
Several Gulf states have reported missile and drone strikes on their territories just hours after the United States and Iran announced a two-week ceasefire agreement, raising fresh questions about whether the truce is holding on the ground
US Vice President JD Vance launched a sharp attack on the European Union during a visit to Budapest, accusing Brussels of interfering in Hungary’s election just days before a closely contested vote that could reshape the country’s political landscape
Global markets reacted sharply after US President Donald Trump stepped back from imminent military action against Iran, instead tying a suspension of strikes to Tehran’s agreement to a temporary ceasefire and the reopening of the Strait of Hormuz
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