As General Motors filed for bankruptcy protection in New York Monday under pressure from President Barack Obama, Canada acquired 12 percent equity of the failed auto giant by investing $9.5 billion in its bailout.

Under bankruptcy protection, the US government will acquire about 60 percent of the equity of the 'new GM' on an investment of $30 billion in the company, in addition to $20 billion it has already spent to keep the once-mighty auto-maker going.