U.S. auto giant General Motors -- a part of American life for more than a century -- is expected to file for bankruptcy court protection on Monday. Its proposed restructuring plan will give taxpayers a 60 percent ownership stake and expand government reach into big business. CCTV reporter reports on mixed feelings among those who live and work in the stronghold of the U.S. auto industry.
Nearly everybody in the Detroit, Michigan area is affected by the health of the automotive industry.
GM, Chrysler, and Ford all have their headquarters in Detroit or in its suburbs.
It's not surprising that one day before GM is expected to file for bankruptcy, most people around Detroit are anxious about the company's future.
Helen Zolna, Resident said "I think about all people. You know they need jobs and if there is no General Motors they are not going to have any jobs."
GM sold dreams to drivers of all ages.
For generations, the company fueled America's love affair with the automobile. Its assembly lines turned cars that defined their owners' status in life and the industrial might of the nation.
The first Cadillac was a watermark of success and the brand became the metaphor for top-quality goods.
It became so ingrained in American culture that its late 1980s advertising boasted that Chevrolet was "The Heartbeat of America."
GM dealer Matt Holtzman is nostalgic about the old days.
"These cars bring back memories of those eras, a simpler time and perhaps a better time."
Although many are saddened it has come to this, some are also optimistic the country's auto industry will survive and thrive again.
Gary Binge, Detroit Area Resident said "It is an end of an era but, and it's an unfortunate end of an era, but I also, I also think that it's a beginning, we're going to have a stronger beginning in the car industry. I think it's a good thing. I think it's a good thing."
If court proceedings are successful, a new GM is expected to emerge as a leaner company with a smaller work force, fewer plants and a trimmed dealership force.
The company will stick with its four core brands - Chevrolet, Cadillac, Buick and GMC.
(CCTV June 2, 2009)
