Shares of General Motors Corp. have fallen below $1 for the first time in 76 years as a Chapter 11 bankruptcy filing for the automaker appears increasingly likely.
Workers at six General Motors Corp. factories have voted overwhelmingly to approve contract concessions and local union leaders say the deal appears headed for ratification.
It'll take at least one more day for a judge to determine whether it's in the best interests of Chrysler and its stakeholders to sell most of the company to Italy's Fiat Group SpA.
With General Motors expected to file for bankruptcy protection as early as Monday, the company is trying to secure whatever cost concessions it can beforehand.
An industry report shows that a record 12% of homeowners with a mortgage are behind on their payments or in foreclosure as the housing crisis spreads to borrowers with good credit.
The government says new U.S. home sales were almost flat last month, indicating that the housing market's recovery will likely be a slow and gradual process.
General Motors Corp. says a committee of bondholders has agreed to a sweetened deal to erase some of the automaker's debt in exchange for company stock.
A General Motors bankruptcy filing appears inevitable now that a rebellion by bondholders forced it to withdraw a plan to swap bond debt for company stock.
A real estate group says sales of previously occupied homes rose modestly from March to April as buyers swooped in to take advantage of prices that were 15.4% below year-ago levels.
General Motors Corp. says not enough of its bondholders agreed to swap their debt for company stock, meaning the troubled automaker is almost certainly headed for bankruptcy protection.