General Motors shares have dipped below $1 for the first time in 76 years.
The struggling automaker is approaching a government-imposed restructuring deadline and a likely filing for Chapter 11 bankruptcy protection. GM shares lost more than 22 percent in Friday morning (May 30) trading. It was the stock's lowest trade since April 18, 1933, according to the Center for Research in Security Prices at the University of
Chicago.
The symbolic drop comes just ahead of a government-mandated June 1 deadline to restructure. GM is expected to file for Chapter 11 bankruptcy protection by then, which would leave existing shareholders virtually wiped out. A senior Obama administration official estimates that GM would be under bankruptcy protection for 60 to 90 days, longer than Chrysler's expected reorganization.
