Car giant GM files for bankruptcy

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In the largest such move in US industrial history, the firm entered Chapter 11 bankruptcy, allowing it to restructure without going into liquidation.

The government will pump billions of dollars into the firm as it takes a majority stake in a "new GM" that will be streamlined as a result of its reorganisation.

Fritz Henderson, chief executive and president of GM, said it was a "defining moment" in the history of the century-old car maker, adding "today is not the end of General Motors, but the start of a new and better chapter".

President Obama said despite taking a 60% share in the company, the restructured firm would not be run from Washington.

"Our goal is to get GM back on its feet, take a hands off approach, and get out quickly," he added.

As part of a streamlining of the business, GM is expected to close around 14 plants, with possible job losses estimated to be in the region of 20,000.