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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

(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.

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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. (AP Photo/The Canadian Press, Dave Chidley)

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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Judge Greenlights GM Asset Sale