GM sets bankruptcy announcement for Monday in NYC

General Motors, which is expected to file for bankruptcy reorganization Monday, announced today that CEO Fritz Henderson will hold a midday news conference Monday at the GM Building in New York City.

Bankruptcy experts have said GM would most likely file for bankruptcy in New York.

The White House, meanwhile, braced to lead GM into bankruptcy Monday, as officials cheered the progress in Chrysler LLC’s bankruptcy case and called it “a hopeful example" for GM.

President Barack Obama will discuss the auto industry in a separate event set for Monday, and White House spokesman Robert Gibbs said the president’s daily economic briefing focused on the state of GM and Chrysler. Steven Rattner and Ron Bloom, the leaders of the president’s auto task force, were seen walking into the White House late this afternoon.

Even as it prepares for a GM bankruptcy designed to pare much of the company’s debt while granting the government a 72.5% ownership stake, the administration said it was still discussing how to manage its investments.