General Motors is filing for Chapter 11 bankruptcy protection today in what is expected to be one of the largest and most complex bankruptcy cases ever. The bankruptcy filing caps a remarkable fall for the 100-year-old company which was once the world’s largest car manufacturer. Under the proposed restructuring plan, the US government will invest another $30 billion in GM and take ownership of 60 percent of the company. The Canadian government, a union health trust and current bondholders would own the rest. The restructuring will result in the loss of 21,000 more jobs, the shuttering of at least twelve factories, and the closing of 2,600 car dealers. President Obama is expected to outline the proposed restructuring in a speech today. Administration officials said the government will remove itself from day-to-day operations of GM once a new management team is in place. Congressman Dennis Kucinich of Ohio urged the White House not to subsidize GM’s overseas growth at the expense of US workers. In a statement, Kucinich said, “We must not allow GM to use US taxpayer dollars to close plants in America in order to open markets for products made in China and other countries.” Residents of Detroit said they were saddened and anxious by the bankruptcy of GM.

Mary Ann Bielaczyc, Detroit area resident: “They’re all scared. I mean, their day-to-day existence is depending on this. I have a brother who’s a contract worker for GM, and he never knows from one day to the next if he’s going to have a job. My next door neighbor’s son works for GM, or used to, found out that his job was eliminated. And, I mean, it’s scary.”

In other auto news, a federal judge has cleared a path for Chrysler to get out of bankruptcy by approving a sale of most of the company’s assets to a new entity to be run by the Italian company Fiat.