Judge Approves Sale of GM Assets

peaceandlove · 07-06-2009, 05:17 PM

Oh wow, this is unbelievable. Shifting hands but not shifting responsibility!!!

Judge Approves Sale of GM Assets

By Emily Chasan and Ajay Kamalakaran – 1 hr 59 mins ago Actually I think this was yesterday.

NEW YORK/BANGALORE (Reuters) – A U.S. judge on Sunday approved General Motors Corp's bankruptcy sale in a move that will allow the company's most profitable assets to exit bankruptcy protection under government ownership.

Judge Robert Gerber of the U.S. bankruptcy court in Manhattan said the sale would "prevent the death of the patient on the operating table."

Gerber issued a four-day stay of the order approving the sale, which should allow it to close as early as Thursday. Such stays are typical and allow for possible appeals.

Under the deal, 'New GM' will operate the best parts of the old company, including its Chevrolet and Cadillac brands, with a less expensive workforce, smaller dealer network, and much less debt. The rest of the company will be liquidated.

The sale marks the second big victory for the Obama administration's auto task force. It helped broker the disposal of Chrysler LLC to a group led by Italy's Fiat SpA last month.

GM, which filed for bankruptcy protection on June 1, had argued that it would be forced to liquidate if the sale was not approved, and the U.S. government said it could walk away from funding the automaker if a deal was not approved by July 10.

Continues: http://news.yahoo.com/s/nm/20090706/bs_nm/us_gm_assets

07-06-2009, 05:17 PM	#1
peaceandlove Avalon Senior Member Join Date: Sep 2008 Location: Turtle Island Posts: 2,776	Judge Approves Sale of GM Assets Oh wow, this is unbelievable. Shifting hands but not shifting responsibility!!! Judge Approves Sale of GM Assets By Emily Chasan and Ajay Kamalakaran – 1 hr 59 mins ago Actually I think this was yesterday. NEW YORK/BANGALORE (Reuters) – A U.S. judge on Sunday approved General Motors Corp's bankruptcy sale in a move that will allow the company's most profitable assets to exit bankruptcy protection under government ownership. Judge Robert Gerber of the U.S. bankruptcy court in Manhattan said the sale would "prevent the death of the patient on the operating table." Gerber issued a four-day stay of the order approving the sale, which should allow it to close as early as Thursday. Such stays are typical and allow for possible appeals. Under the deal, 'New GM' will operate the best parts of the old company, including its Chevrolet and Cadillac brands, with a less expensive workforce, smaller dealer network, and much less debt. The rest of the company will be liquidated. The sale marks the second big victory for the Obama administration's auto task force. It helped broker the disposal of Chrysler LLC to a group led by Italy's Fiat SpA last month. GM, which filed for bankruptcy protection on June 1, had argued that it would be forced to liquidate if the sale was not approved, and the U.S. government said it could walk away from funding the automaker if a deal was not approved by July 10. Continues: http://news.yahoo.com/s/nm/20090706/bs_nm/us_gm_assets Last edited by peaceandlove; 07-06-2009 at 05:20 PM.