Program Note: Tune in tonight to hear more from Ali Velshi on AC360° at 10 p.m. ET.
Ali Velshi | Bio
CNN Chief Business Correspondent
It's down to the wire for GM.
The nation's biggest auto maker has until Monday to come up with a viable plan to save itself, or the government will force it into bankruptcy like it did Chrysler.
But the time probably doesn't matter.
GM's bond holders (the people who lent the company money) refused a deal to swap their debt for part ownership in the ailing company.
GM paid its hourly staff today, instead of Friday, and word is many suppliers have also been paid, paving the way for the company to file for Chapter 11 bankruptcy protection before this week is out.
I'm on my way to a bar, ironically called "bamboozled" across from a GM plant in the Detroit suburb on Warren, to talk to workers about the fact that the end of their careers may be near.
Sadly, I have made this trip to Michigan too many times. I'm rarely here for good news.
The irony is that this trip WASN'T for the GM story; it was to go for a ride around the test track with Ford CEO Alan Mulally about his (somewhat successful) efforts to turn that company around. Right now, he's a bit of a shining light in Detroit.
We'll bring you parts of that discussion later this week.
Anderson Cooper goes beyond the headlines to tell stories from many points of view, so you can make up your own mind about the news. Tune in weeknights at 8 and 10 ET on CNN.
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