In what would be a record round trip for a company its size, multiple
news reports say that the new General Motors Corp. emerged from Chapter 11 this morning at 6:30 a.m., when the papers transferring most its assets from the old debt-laden GM to the new slimmed down GM were signed.
The carmaker has a new conference scheduled for 9 a.m. Friday.
The sale of GM's assets to a U.S. Department of the Treasury-sponsored purchaser was
expected to happen Friday after a Manhattan judge late Tuesday denied motions to halt the sale and appeal directly to the 2nd Circuit Court of Appeals.
Much like in Chrysler LLC, where a group of Indiana state pension funds sought to appeal the automaker's court-approved sale to Fiat SpA, a group of GM product liability claimants on Tuesday filed a motion with the U.S. Bankruptcy Court for the Southern District of New York asking that their appeal of Judge Robert Gerber's July 5 sale order be fast-tracked to the appeals Court, skipping district court.
The sale was fast-tracked as Treasury said it would stop funding GM's bankruptcy if the sale were not approved by July 10. Treasury is leading a $33.3 billion DIP. -
George White and John Blakeley See AP story See Dealscape post on GM See Dealwatch on GM
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