Hometown News: GM Files for Bankruptcy

General Motors officially filed Chapter 11 bankruptcy this morning. The nation's largest automaker will be receiving another 30-billion dollars from the U.S. Treasury as part of its filing. The government will have over 50-billion dollars invested in the automaker. The American and Canadian governments will own 72-percent of the company. Meanwhile, a bankruptcy judge has approved the deal allowing Chrysler LLC to sell most of its assets to Italian automaker Fiat.