GM's Stock Falls Below $1 as Automaker Plans to File for Bankruptcy Monday

General Motors' stock price dropped below a $1 a share in trading Friday as investors anticipated a bankruptcy filing for the struggling automaker on Monday.

The stock is expected to become worthless when GM reorganizes in bankruptcy court.

Meanwhile, as expected, the United Auto Workers ratified a package of concessions designed to reduce the automaker's labor costs.

GM will file for bankruptcy in federal court in New York City after President Obama announces details on how his administration plans to guide the ailing automaker through the restructuring, people familiar with the scenario told FOX Business Network.

GM plans to announce Monday it will close 14 more factories, including four assembly plants. But the automaker said Friday that it plans to reopen a shuttered U.S. factory to build subcompact cars that will be the smallest vehicles GM has every produced here.

The government had given GM until Monday to finish restructuring or enter court protection. To avoid bankruptcy, the government had said GM must shed debt, cut labor costs and close plants.

The bankruptcy will be the fourth-largest in U.S. history and the largest for an industrial company.

Like its crosstown rival Chrysler, GM was pulled down by debt, high labor costs and a devastating sales slump.

The government has poured billions into the two companies, fearing the ripple effects of catastrophic job losses might push the economy into a depression. The pair employ more than 126,000 people in the U.S. and hundreds of thousands of others rely on the companies working for parts suppliers, dealerships and other associated businesses.

Click here to read the FOX Business Network report.

The Associated Press contributed to this report.