Judge Greenlights GM Asset Sale

Firm will transform into leaner car maker owned by US, Canada, UAW
By Nick McMaster,  Newser Staff
Posted Jul 6, 2009 1:44 AM CDT
United Auto Workers Local 1853 Chairman Mike Herron speaks to General Motors workers at the United Auto Workers union hall in Spring Hill, Tenn., last week.   (AP Photo/Mark Humphrey)
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(Newser) – GM has won approval for a restructuring plan in which the car maker will sell its most valuable assets to a new firm—also called GM—owned by the US and Canadian governments and a UAW health care trust, the New York Times reports. Judge Robert Gerber agreed with GM that a sale was necessary to preserve the parts of the company still worth saving.