Bondholder panel supports GMs offer

A person familiar with GMs plans said it was probable that the company would file for bankruptcy protection on Monday.

The government proposal is similar to the approach taken in the bankruptcy reorganisation approach used by Chrysler. Its plan to shed assets and sell control of a downsized carmaker to Fiat,aided by government financial assistance,could receive final approval from a bankruptcy court judge in New York before the end of the week.