Pricewheels.com

  • Home
  • | Contact Us |
  • New Cars
  • Used Cars
  • Auto Loans
  • What Car Can I Afford
  • Car News

Sale of GM’s Assets Approved

Research
  • See pricing and all the information you need to pick the right new car.

  • New Cars

  • Used car technical specifications, gas mileage, safety ratings, reviews and more.

  • Used Cars
Extended Warranty
  • Don't get caught off guard by expensive repair bills. Protect yourself today.

  • Get Extended Warranty on Your Vehicle
Get Auto Loan Rates
State:
Zip:
Loan Type:
Loan Amount:

Get New Car Quote
Make:
Model:

Find Car Parts
Year:
Make:
Model:

Jul 7th, 2009 by Liz Opsitnik

Late Sunday, federal bankruptcy court judge Robert E. Gerber approved General Motors’ plan to sell its good assets to a new, government-backed company, the New York Times reports.

The assets sale was necessary for GM to come out of bankruptcy. Without the sale, GM would have had to liquidate by July 10. Judge Gerber heard 850 objections over three days of hearings before approving the sale.

“Bankruptcy courts have the power to authorize sales of assets at a time when there still is value to preserve — to prevent the death of the patient on the operating table,” Judge Gerber wrote.

GM could be out of bankruptcy as soon as Friday and is expected to keep its company name. Under the new deal, GM would sell its best assets, including Chevrolet and Cadillac, to a new company owned mostly by the American and Canadian governments and a UAW health care trust. The Obama administration anticipates taking the company public next year.

Old GM will stay in bankruptcy and the Obama administration has agreed to lend it $1.175 billion to wind down the estate and settle claims. Through GM’s bankruptcy process, another 21,000 union workers have lost their jobs and 12 to 20 factories and 40 percent of the 6,000 dealers will close.

GM headquarters


Posted in Automotive, GM | No Comments

Comments are closed.


EXTENDED WARRANTY QUOTE

Protect your vehicle with an extended warranty! Get a fast free quote on affordable extended warranties for used and new cars here!

Get an Extended Warranty !

CHECK INSURANCE RATES

Don't forget to factor insurance costs into your research. Get accurate insurance rate information on any vehicle and shop for the best deal.

See How Much You Can Save!

AUTO LOAN QUOTE

Get real price quotes from local dealerships. Don't buy a car without checking the price first! Pit dealers against each other to get the best deal possible!

Explore Your Financing Options!


{*
  • Auto Loan Center
  • Free Auto Loan Quote
  • Auto Loan Calculator
  • Car Loan Rates
  • Auto Rebates & Incentives
  • Auto Loan News
  • Brake Pad Center
  • Buy Brake Pads
  • Types of Brake Pads
  • Brake Shoes
  • Changing Your Brake Pads
  • Air Shock Center
  • Air Shocks
  • Air Bags
  • Load Levelers
  • Air Conversion Kits
  • Air Springs
  • Shock Center
  • Shocks
  • Air Bags
  • Load Levelers
  • Air Conversion Kits
  • Air Springs
*}

New Cars | Finance | Privacy Policy | News Letter | Unsubscribe | About Us | Dealer Program | Affilliate Program | Site Map | Jobs | Do Not Sell My Personal Information

© Copyright 2002 - {$smarty.now|date_format:"%Y"}. PriceWheels, LLC. All rights reserved.

{literal} {/literal}