GM back in court to seek approval for sale

The only viable option to save General Motors Corp is a sale of its main assets to a "New GM," a U.S. Treasury official told a bankruptcy court on Wednesday as the automaker sought approval for the deal.

GM was in the second day of a bankruptcy court hearing in Manhattan in which the automaker is asking Judge Robert Gerber to approve its asset sales, just one month after filing for Chapter 11 bankruptcy.

At the beginning of the hearing, lawyers for a group of dissenting bondholders asked GM restructuring adviser Bill Repko, of the investment bank Evercore, and Harry Wilson, a senior member of the Obama administration's autos task force, whether GM could have pursued a traditional reorganization rather than a speedy sale of its assets to the "New GM."

Read Full Article from Reuters

- Posted: 2009-07-01 10:35:45

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