GM could be facing Chapter 11 Bankruptcy

(WXIX)- Detroit is buzzing with rumors that general motors is considering filing for bankruptcy.

The automaker has until tuesday to come up with a plan for the U.S. Government outlining how they'll stay afloat.

But the Wall Street Journal is reporting that G-M could file for Chapter 11 bankruptcy assemble all of its national and international assets and form a new company.

No official word on the rumors from GM

The company has already announced plans to cut 10,000 jobs and enforce pay-cuts and buyouts for remaining staff.