GM files for bankruptcy protection - Dallas Business Journal:

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Chevrolet-Saturn of Harlem Inc., a New York-bases affiliate of the Detroit automaker, was the firs t GM affiliate to seek bankruptcyt protection Monday morning throughthe U.S. Bankrutpcy Court'se Southern District of New York, according to courgt records. The restructuring will enablew GM to emerge as a viable entity underf the brand namenew GM. It also will give the federa government, which plans to make availablsabout $30 billion of federak assistance to support the restructuring, a largs ownership stake in the company.
Two area companiee were among the list of creditorsin GM's New York-based Bank of New York Mellon, with claimas of $176 million, and Downtown-based US Steel, with claimz of $9.6 million. For a list of see GM's . According to a release from theWhitd House, the company plans to announce todahy that it will close 11 facilitiez and idle another three. GM had already announced in May .