AP Reports That Monday is Definitely "B-Day" for General Motors

DETROIT - May 31, 2009: The Associated Press is reporting tonight that tomorrow morning, at 8AM EDT, the company that was once the world's largest, will file for bankruptcy protection.

According to the story, GM plans to name turnaround executive Al Koch to serve as its chief restructuring officer through the protection period. AP cites an unauthorized person who is familiar with the details as the source of the information.

Koch, is a managing director with AlixPartners LLP, and is considered a veteran turnaround specialist who helped Kmart Corp. through its Chapter 11 reorganization. Reportedly he will lead the separation of the automaker's assets into a "New GM," with the remaining parts of the company to form "Old GM." Koch will lead the management team that winds down the "Old GM" company once the automaker emerges from bankruptcy.

GM has already announced that they will hold a live press conference in New York about midday on Monday.