The United States treasury has finalised its rescue plan for ailing car giant General Motors. The plan is being presented later today but has been widely leaked in the US media.

The 101-year-old company will file for bankruptcy after which the government will take a 60-percent share in the business and provide a capital injection of about 30 billion dollars. Canada, where many GM factories are located, will also buy shares in the company. Just like other US car manufacturers, GM has run into major difficulties because of the economic crisis.