GM All But Certain To File For Chapter 11

JOHN PORRETTO

DETROIT (AP) — General Motors, the company that put tail fins on a Cadillac and was once the nation's largest employer, moved to the edge of bankruptcy protection Wednesday as debtholders refused a last-ditch deal. Crosstown rival Chrysler hoped to pull off a quick exit from Chapter 11 and prove there is hope yet for a leaner Detroit.

Investors who are owed billions of dollars by GM rebelled against a plan to accept a sliver stake in the company in exchange for their bonds, one of the government-imposed conditions for restructuring out of court.

A bankruptcy protection filing could come within days — perhaps around Monday, which had been the government deadline for GM to reorganize. ...