GM Sale Plan Okayed by Bankruptcy Judge
GM Sale Plan Okayed by Bankruptcy Judge
http://www.google.com/hostednews/ap/article/ALeqM5jDHyGHqjGfzLJa_eRhwViUGCwazgD998QP5G2
US automobile giant General Motors which went into bankruptcy protection last month has been allowed by a bankruptcy court to sell the bulk of its assets to a new company. The go ahead removes a major hurdle in the automobile company’s path to recovering from bankruptcy protection. Judge Robert Gerber said the sale was in the best of the interests of the company as well as its creditors. However, some of the bondholders, shareholders, unions and consumer groups argued against the propose sale saying their interests were being ignored in this option. These parties can appeal against the court order in the next couple of days, otherwise it will become effective. The proposed sale will allow General Motors to leave behind several of its liabilities and enable it to quickly emerge from bankruptcy.
