BUSINESS
05/08/2009 05:12 am ET Updated May 25, 2011

GM In "Intense" Preparations For Bankruptcy: Report

General Motors Corp is in "intense" and "earnest" preparations for a possible bankruptcy filing, a source familiar with the company's plans told Reuters on Tuesday.

A plan to split the corporation into a "new" company made up of the most successful units, and an "old" one of its less-profitable units, is gaining momentum and is seen as the most sensible configuration, said another source familiar with the talks.

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