UPDATE 1-U.S. gets 60 pct of GM after bankruptcy-official

Newswire

* US envisions 60-90 day bankruptcy timeframe * Canada gets 12 percent of GM * GM to seek to pay suppliers, continue warranties (Adds first day bankruptcy court motions, quotes) By John Crawley WASHINGTON, May 31 (Reuters) - General Motors Corp will file for bankruptcy protection on Monday to complete a restructuring within three months that will give U.S. taxpayers a 60 percent stake for $50 billion in aid, an Obama administration official said on Sunday night. The total includes ...

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