InfoAnda - Judge Approves GM's Bankruptcy Plan To Sell Assets To New Company

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Home | News Briefs | U.S. | World | Celeb Buzz | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird & Offbeat --- Advertisment --- Judge Approves GM's Bankruptcy Plan To Sell Assets To New Company July 6, 2009 11:11 a.m. EST --- Advertisment --- Mayur Pahilajani - AHN News Writer New York, NY (AHN) - A federal judge has approved General Motors Corporation to sell its best assets to a new, government-backed company, a final step for the automaker to create a new GM, to restructure and to emerge from a government-forced bankruptcy. Judge Robert E. Gerber of the U.S. Bankruptcy Court for the Southern District of New York said late Sunday that GM can sell substantially all of its assets to NGMCO, Inc., an entity funded by the U.S. Department of the Treasury. "As nobody can seriously dispute, 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," Detroit Free Press quoted Gerber as stating in his decision. He added, "In the event of a liquidation, creditors now trying to increase their incremental recoveries would get nothing." Judge Gerber's order includes a four-day stay before closing of the sale can occur. However, the automaker and the government are seeking to close the sale by Monday or Tuesday, according to the reports today. The approval, which follows three days of hearings last week, marks another step toward the launch of an independent new GM. The automaker said that current GM employees will be offered positions by the new company. The Detroit-based automaker had filed for bankruptcy protection on June 1, shedding massive debt and expensive contracts, with the help of the federal government. The company had received 19.4 billion in rescue funds to prevent its collapse. General Motors got additional $30 billion to keep the company operational during bankruptcy process. The firm said in a statement on Monday that upon the closing of the sale transaction, NGMCO, Inc. will change its name to General Motors Company. The automaker said the new company will acquire GM's strongest operations and will have a competitive operating cost structure, partly as a result of recent agreements with the United Auto Workers (UAW) and Canadian Auto Workers (CAW). The new GM will be headquartered in Detroit and will be led by Fritz Henderson as president and chief executive officer and Edward E. Whitacre, Jr. as chairman of the board of directors. "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," Henderson said in the statement today. He added, "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 Treasury will hold 60.8 percent of stake in the new GM, while UAW Retiree Medical Benefits Trust will own up to 17.5 percent, Canada and Ontario governments will have 11.7 percent shares and the old GM will have 10 percent. Additionally, the old GM and the UAW Retiree Medical Benefits Trust will hold warrants that are exercisable for 15 percent and 2.5 percent of the interests in the new GM, respectively. The new GM's business is expected to be immediately operational, with new products, a smaller, more focused brand portfolio and the rationalization of its dealer network. The current General Motors Corporation will change its name to Motors Liquidation Company, while retained assets will be wound down or sold under the supervision of the Bankruptcy Court. Copyright © 2003 - 2009 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Home | News Briefs | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat © 2009 AHN Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services All Rights Reserved

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