# GM Looks to Exit Bankruptcy Court By Thursday as Asset Sale Approved



## Administrator (Mar 14, 2008)

Late Sunday a judge approved the sale of GM's assets to a group comprised of the U.S. government, the UAW and the Canadian and Ontario governments under the name NGMCO, Inc. The decision will see GM exit bankruptcy court quickly with the 'New GM' assets going to NGMCO, while the 'Old GM' assets will be sold off to the highest bidder.

Judge Robert Gerber then placed a stay on the proceedings to for four days to hear objections or appeals, but as most of those have already been dealt with, GM is expected to reemerge as a new government-owned company by Thursday.

In a statement Judge Robert Gerber said that he would "prevent the death of the patient on the operating table."

Gerber pointed out the seriousness of the matter and the alternative, stating that "The only alternative to an immediate sale is liquidation - a disastrous result for GM's creditors, its employees, the suppliers who depend on GM for their own existence, and the communities in which GM operates."

The New GM will be majority owned by the U.S. government with a 60 percent stake in the automaker. The UAW will get 17.5 percent, while the Canadian and Ontario governments will get 12 percent.

In response to the news GM's CEO Fritz Henderson released a statement saying that "A healthy domestic auto industry remains vital to the global economy and we deeply appreciate the support the U.S., Canadian and Ontario governments and taxpayers have given GM, and the sacrifices that have been made by so many. This has been an especially challenging period, and we've had to make very difficult decisions to address some of the issues that have plagued our business for decades. Now it's our responsibility to fix this business and place the company on a clear path to success without delay."

The Obama Administration's auto task force has said that sale of GM back to the private sector could begin as early as next year.

More: *GM Looks to Exit Bankruptcy Court By Thursday as Asset Sale Approved* on AutoGuide.com


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## lukekeith (Oct 27, 2006)

I'm so upset by this whole thing I can barely think straight. So basically... picture this... ten years down the road... GM people sitting around the table discussing....

*GM Guys:*
"Hey guys, we should bring back the GTO, make the corvette a more powerful monster, come up with something to replace the LS3 and LS7 as our flagship V8's....".

*Skinny and pale government nerd:*
"Actually, Obama said you have to be 30% more gas efficient and are not allowed to make any cars that rely entirely on fossil fuels. Obama also said cars like the GTO and Corvette are too powerful and are killing the environment, and in order to theoretically save the planet from a theoretical impending doom in 10,000 years, you must discontinue all V8's. Obama also personally drew up plans for a line of cars to replace the GTO and Corvette that run entirely on 'free range grass' not grown in captivity. It only has 10hp and a top speed of 20mph, but it is completely green!"

Normally, this nerd would have been beat up by every one of the burly motorheads around the table and given a wedgie before everyone laughed in his face and said "Go play with your dolls little girl". However, the nerd now owns 60% of GM... so the motorheads have to cool their jets and scrap the V8's to "save the environment".

WHAT THE HECK KIND OF [email protected]$$ COUNTRY ARE WE LIVING IN WHERE I CAN'T DRIVE WHATEVER THE HECK I WANT THAT BURNS AS MUCH GAS AS I'M WILLING TO PAY FOR!!!!! WTF!!!!!!!!!!! Will somebody please give Obama a wedgie for me!!! I'm starting to get sick of his shenanigans!!!


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## Poncho Dan (Jun 30, 2009)

I'm pretty much sold on the idea that GM is useless without Pontiac, therefore, whatever happens to GM _without_ Pontiac in the picture is pure schadenfreude for me.


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## AlaGreyGoat (Jul 6, 2006)

How about Holden? They are "GM of Australia".
How are they doing after the bust?

Larry


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## Poncho Dan (Jun 30, 2009)

Yeah good question, and what about Opel?


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