General Motors Corp., the century-old automaker battered by the economic downturn, mounting debt and management problems, will file for bankruptcy Monday. The move will give the government a 60 percent ownership stake and an unprecedented role in reshaping the auto industry. It will be the largest industrial bankruptcy in U.S. history and the fourth-largest overall, Associated Press reported. President Barack Obama planned to announce his support for General Motors as it enters bankruptcy protection, vowing to provide billions more in government aid and protect the taxpayers' investment without interfering with the company's day-to-day operations. GM President and CEO Fritz Henderson was holding a news conference in New York immediately following Obama's address from the White House. Administration officials said late Sunday the federal government would provide an additional $30 billion to GM _ which has already received about $20 billion in government loans _ to help it restructure through bankruptcy. GM will follow a similar course taken by Chrysler LLC, which filed for Chapter 11 protection in April and hopes to emerge from its government-sponsored bankruptcy this week.
