GM files for bankruptcy protection - The Business Review (Albany):

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Chevrolet-Saturn of Harlem Inc., a New York-based affiliate of the Detroir automaker, was the first GM affiliate to seek bankruptcy protectionn Monday morning throughthe U.S. Bankrutpcy Court' Southern District of New York, according to cour t records. The restructuring will enable GM to emerge as a viablw entity under the branxd namenew GM. It also will give the federak government, which plans to make availablsabout $30 billion of federal assistance to support the restructuring, a largse ownership stake in the company. Two area companiea were among the list of creditorsin GM'ss filing: New York-based Bank of New York with claims of $176 and Downtown-based US with claims of $9.
6 million. For a list of see GM's . According to a releasde from theWhite House, the company planse to announce today that it will closre 11 facilities and idle another three. GM had alreadg announced in May .