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WEDNESDAY, NOVEMBER 25, 2009
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Court Clears Path to 'New' GM

Court ordered stay on asset sale expires

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(Newser) – General Motors is set to complete its bankruptcy reorganization, the Detroit Free Press reports. The sale of certain GM divisions to the “new” GM—largely owned by the US Treasury—is expected to happen tomorrow, at the expiration of a holding period for opponents of the deal to make objections. Two unidentified parties, likely GM creditors, had sought to file appeals, but their requests were denied.

This June 1, 2009, file photo, shows General Motors CEO Fritz Henderson speaking at a news conference in New York.
This June 1, 2009, file photo, shows General Motors CEO Fritz Henderson speaking at a news conference in New York.   (AP Photo/Seth Wenig, file)
Sergey Rakhmanin, of Russia, flies past the General Motors Corp.'s headquarters at the Renaissance Center, during the Red Bull Air Race World Championships, Sunday, June 14, 2009 in Windsor, Ontario
Sergey Rakhmanin, of Russia, flies past the General Motors Corp.'s headquarters at the Renaissance Center, during the Red Bull Air Race World Championships, Sunday, June 14, 2009 in Windsor, Ontario   (AP Photo/The Canadian Press, Dave Chidley)
FILE - This April 21, 2009, file photo shows General Motors world headquarters in Detroit. With GM still righting itself,
FILE - This April 21, 2009, file photo shows General Motors world headquarters in Detroit. With GM still righting itself, "it's just too soon" to think about a name change, company spokeswoman Susan...   (AP Photo/Paul Sancya, File)
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3 comments
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OmegaMan
Jul 9, 09 3:17 PM CDT
Screw GM, for the last year I've planned on buying a new GMC Sierra but because of the Government take over I went last week and bought a new Ford F150 instead ..... Reply
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Reader64481089
Jul 9, 09 3:31 PM CDT
Good choice, that from an old GM person. Screw GM as they used it only to break unions and move it all to Mexico and China. They tend to forget about the actual people who 1: built them 2: who sacrificed billions to bail them out. I hope they rot
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kokuaguy
Jul 9, 09 8:14 PM CDT
It seems that just about anything --including nationalization-- would be an improvement. Reply
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