Friday's Headlines: Bankruptcy Watch

Friday's Early Headlines

• Coming Monday: Government Motors. - General Motors (GM Quote) is expected to file for Chapter 11 bankruptcy protection Monday, and the government plans to move quickly with a restructuring that will cost taxpayers billions of dollars more than previously envisioned, according to The Wall Street Journal. Meanwhile, CNBC reported that GM's bankruptcy would take at least 60 to 90 days and perhaps longer to complete, according to a senior official. President Obama is expected to speak Monday on the automaker's restructuring.

• Fiat to Skip Opel Talks. - Italy's Fiat will not attend Friday's talks with the German government about its offer for Opel, blaming Berlin's "unreasonable" funding demands. Fiat did add that it was not withdrawing its bid for GM's European unit. Fiat CEO Sergio Marchionne said it was "unreasonable" to expect Fiat to provide over $400 million in funding because it hadn't yet had full access to Opel's financial records.

• Chrysler Heads Back to Bankruptcy Court. - Chrysler and its stakeholders expect a judge to allow the automaker to sell most of the company to Fiat after another day of testimony in bankruptcy court. After a nearly 13-hour marathon session Thursday, which included testimony from Chrysler CEO Robert Nardelli, the hearing is set to resume at 9 a.m. EDT Friday.

• Fed Not Setting Rates in Credit Markets. - CNBC reported that the $1.2 trillion in mortgage assets and $200 billion in Treasurys bought by the Federal Reserve in an attempt to backstop the troubled credit market were not designed to impact rates, according to sources familiar with the thinking of Fed officials.

• Banks Seek Role in Bid to Overhaul Derivatives. - A group of banks and money managers will next week present a plan designed to help fend off some rules proposed by the Obama administration, according to a report in The Wall Street Journal. The government has said it wants to reform trading practices in the market for over-the-counter derivatives. The banks plan to release a letter to the Federal Reserve Bank of New York and other U.S. and overseas regulators in coming days, according to people familiar with the matter.