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WEDNESDAY, NOVEMBER 25, 2009
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Judge Greenlights GM Asset Sale

Firm will transform into leaner car maker owned by US, Canada, UAW

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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.

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.
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)
The General Motors Corp.'s headquarters looms over the Detroit River waterfront.
The General Motors Corp.'s headquarters looms over the Detroit River waterfront.   (AP Photo/The Canadian Press, Dave Chidley)
The General Motors logo marks the GM headquarters in downtown Detroit.
The General Motors logo marks the GM headquarters in downtown Detroit.   (AP Photo/Carlos Osorio, File)
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The only alternative to an immediate sale is liquidation—a disastrous result. In the event of a liquidation, creditors now trying to increase their incremental recoveries would get nothing.
- Judge Robert E. Gerber, Federal Bankruptcy Court

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teachingazteca
Jul 6, 09 5:18 AM CDT
So the government used my money to get GM, when will I see dividends? Reply
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