gm announces it will default on debt 1 june

This was only a matter of time. Everyone from inside and outside GM assumed that the company would default on its debt and likely go bankrupt barring some miracle.

But now it's official. The company's CFO says the firm will not make its June 1, $1 billion debt payment reports WSJ.

The announcement comes as smaller rival Chrysler appears headed for liquidiation.

http://www.businessinsider.com/gm-defaults-2009-4