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
Judge Greenlights GM Asset Sale
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)

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.
(More bankruptcy stories.)

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