DEAD BROKE

GM to Shut Factories

More dire news from General Motors: Sources tell the Associated Press the struggling automaker is planning to close most of its U.S. factories for up to nine weeks this summer.Earlier today, GM's chief financial officer told The Wall Street Journal the automaker has no intention of paying its scheduled $1 billion debt payment to the government on June 1. Instead, the company is banking on a "debt-for-equity exchange" or the court protection that would result from bankruptcy. GM is currently burdened with $28 billion in debt and must prove to the government that it has restructured and is moving in the right direction on June 1. The CFO said GM will achieve this "in court or out of court," conceding that bankruptcy is "probable." He also expressed hope that the company will weather the storm and emerge a "viable entity," adding, "We're going to get this done."