Sale of GM’s best assets approved
The Federal Bankruptcy Court in Manhattan approved the sale of GM's best assets to a government backed company after a hearing lasting three days. The judge over ruled all the appeals against this in a 95 page ruling, thus paving the way for the restructure of the auto maker.
Thanks to this order by the judge, the company and the government will be working together to reorganize GM. "We expect the sale to close immediately after the appeal process is exhausted later this week," said Fritz Henderson, GM's chief executive in a blog.
By Thursday or latest Friday the sale should go through. GM will be able to sell its Chevrolet and Cadillac brands to a new company owned largely by the American and Canadian governments and a health care trust for the United Automobile Workers union. The US government hopes to be able to take the new company, still bearing the GM name, public next year.