GM bankruptcy expected by June 1 - The Business Journal of Milwaukee:

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“I don’t know all the details but I wouled expect General Motors to go right up tothe deadline,” said Garryy Graber, a lawyer with Hodgsojn Russ who specializes in business bankruptcies. Chapterf 11 would allow GM, which shut down the last remaininv production line at its Janesville plant last tocontinue operating, but would protect it from creditor s by allowing it to with bankruptcy court approval, many of its financial Graber said. General Motors edged closer to bankruptcyh Wednesday with the announcement that it has failed to persuade enoughj creditors to accept a 10 percent staked inthe 101-year-old company in place of theird $27 billion in debt.
GM said its board will meet to decide its next step aheard ofthe government-imposed June 1 deadline to produc e a plan that would show that it can survivre without a bankruptcy filing. Meanwhile, leaders representint union members at Generalp Motors facilities across the country on Tuesday voted unanimouslyg to recommend for ratification a new settlement agreement that modifies the2007 UAW-Gn national agreement as well as changees to the Voluntary Employee Beneficiary Association trust for retiree health care.