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Thu 05 May 2009GM bankruptcy nears
General Motors moved closer to filing the largest bankruptcy ever for a US industrial company after a crucial bond exchange proposal failed, while the fate of GM's European brand Opel remained uncertain after marathon talks with German officials ended without a deal.
At the same time, bankrupt US automaker Chrysler faced a key court hearing expected to clear the way for Fiat SpA to take control of its best assets on the fast-track schedule set by President Barack Obama's administration.
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