GM's final 360 sale was approved by the bankruptcy judge late tonight, after some hard ball playing by the Obama admin (They said the judge had to approve the sale within 10 days or the gov would not bother funding GM any longer since they were losing market shares). That means GM can come out of bankruptcy this week!!!
Jul 6, 2:11 AM EDT
Bankruptcy judge OKs GM sale plan
NEW YORK (AP) -- A bankruptcy judge said late Sunday that General Motors Corp. can sell the bulk of its assets to a new company, clearing the way for the automaker to quickly emerge from bankruptcy protection.
Federal Judge Robert Gerber ruled that the sale is needed to avoid "immediate and irreparable harm" to GM and is in the best interests of both the automaker and its creditors.
The decision came after a three-day hearing that wrapped up Thursday, during which GM and government officials urged a quick approval of the sale, saying it was needed to keep the automaker from selling itself off piece by piece.
http://hosted.ap.org/...
Now the bond holders might appeal this again (like they did to Chrysler) but it will be futile IMO. The bondholders objecting to this deal are unsecured (as opposed to Chrysler which had secure bond holders objecting) which means they will have almost no shot at overturning this. If the sale goes through in this week GM would be out of bankruptcy sooner than Chrysler! I find that an amazing accomplishment by the administration.
Now I can take a deep breath about the economy, this GM and Chrysler thing--if they had gone bad-- were the only other significant thing (imo) threatening another leg down in this recession.
3 BIG cheers for GM, Chrysler and the dem team!