They closed the day out at just above $1.70 on news that they require a further $US30 Billion dollars in government aid to save them from bankruptcy.
Wall street suggests that even if they did get the money, it would only be a matter of time before they would need to file for chapter 11, and in fact, urges them to do so, in order to put less pressure on the American public.

Interesting how Ford America are in a similar position, but moved against government aid, in an attempt prop up their image, and not to panic investors. It may prove to be a very positive and intelligent move at the right time.
I mean, because they did that, they appear to be a better position than GM and Chrysler, hmmmmm

I'd heard that ford was not in anywhere near as dire straights because they'd been forced to clean out their attic already. Ford is a tighter more coherent group than GM as a result and may could actually do well out of this if they are not grouped with the rest of the US car industry as useless.