Bankruptcy court approves GM asset sale
Posted on 06. Jul, 2009 by admin in GM, GMC
General Motors is one step closer to emerging from bankruptcy, with a judge on Sunday approving an asset sale to allow the 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 has issued a four-day stay of the order approving the sale, which should allow it to close as early as Thursday.
The sale will include substantially all of GM’s assets to the newly established NGMCO Inc., an entity funded by the U.S.
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