DETROIT – The path is now clear for General Motors Corp. to leave bankruptcy protection in record time as a leaner company that is better equipped to compete in a brutal global auto market. On Thursday, a judge's order allowing GM to sell most of its assets to a new company went into effect, despite a last-minute appeal by plaintiffs in a product liability case.
GM spokeswoman Julie Gibson said U.S. Bankruptcy Judge Robert Gerber's order became effective at 12 p.m. EDT. GM lawyers are working on paperwork to close the sale as quickly as possible, after which GM would leave bankruptcy protection.
GM CEO Fritz Henderson will hold a news conference in Detroit Friday morning to explain executive cuts, management changes and the company's plan to make money by emphasizing quality and fuel economy. He will be joined by Edward Whitacre Jr., who will lead the board of GM.
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6 comments:
Holders of stock for the OLD GM are left with worthless paper. The NEW GM intends to do an IPO. For the UAW, this is how they plan to continue to fund their benefit plans. I wonder just how many people will be willing to take a chance on buying the NEW stock when the company essentially screwed previous investors.
I predict that the IPO will be a flop.
It's a beautiful day!
All of the top three levels of GM management should be fired!
Those same idiots that drove the company into the ground is still running it!
I just bought a 1,000 shares of stock ,crap , it only cost $2.50
for the whole batch. Government owns 60% of GM now. Man our government is getting big.
Stock up on your ammo friends , the
south shall rise again!
Amen 6:26
Running out of room to store it!
Ever wonder why GM decided to close the Pontiac division versus keeping Buick division it made no business sense since in 2008 Pontiac sold about 2 times the number of cars than Buick. The answer is the brains in the Obama administration told GM they had to do it to get goverment loans.Is it not amazing we have a president that doe not have the economic sense to run a neighborhood lemonade stand telling a business what products they can produce.In Obamas short time in office he has taken away more of our freedoms in a few months than Bush's wire tapping of muslim phone calls.His administration is now telling us what kind of cars we can drive,what kind of energy we can use,what kind of health care we must have,how much money you can make, how much you should travel and this is just part of their freedom robbing agenda!
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