US car giant to file for bankruptcy protection

General Motors is set to file for bankruptcy protection, a move that will allow the car giant to be carved into two companies: an old GM with so-called "bad assets" and a new GM containing profit-making plants and popular brands such as Chevrolet and Cadillac.

As Al Jazeera's John Terrett and Owen Fay explain, the Chapter 11 protection will give the struggling car company one last chance to either shape up or go under.