GM's path to leave bankruptcy apparently cleared
It looks like the path is now clear for General Motors to exit bankruptcy protection as a new government-controlled company.
By Agencies |
DETROIT: It looks like the path is now clear for General Motors to exit bankruptcy protection as a new government-controlled company.
A judge's order approving a plan to sell most of GM's assets to a new company was to take effect at noon Thursday. A last-minute appeal was filed, but a legal expert did not expect it to block the sale.
Spokesman Tom Wilkinson says GM would close the sale quickly but he would not give a time frame.
When the sale closes, a more humble GM will leave underperforming assets behind and sell cars and trucks as a leaner company. GM, once the world's largest automaker, is now free of high debt and costs that nearly dragged it into liquidation.
A judge's order approving a plan to sell most of GM's assets to a new company was to take effect at noon Thursday. A last-minute appeal was filed, but a legal expert did not expect it to block the sale.
Spokesman Tom Wilkinson says GM would close the sale quickly but he would not give a time frame.
When the sale closes, a more humble GM will leave underperforming assets behind and sell cars and trucks as a leaner company. GM, once the world's largest automaker, is now free of high debt and costs that nearly dragged it into liquidation.
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