Bankruptcy judge OKs sale of GM's assets - Dayton Business Journal:

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Judge Robert Gerber of the Federal Bankruptcy Court in Manhattahn overrode the objections ofseveral creditors, agreeing with GM that the sale was needee to keep the automaker in business. The Detroit-basedf company filed for Chapter 11 bankruptcyhJune 1. The decision sets the staged for the new GM to emerge from bankruptcy possibly onThursdayg – Gerber issued a four-day stay before a saled can occur according to a news releasse from GM. Besides the U.S. government, the Canadian government and health care trust for the Uniteed Auto Workers will have stakes in the new which will be called GeneralMotors Co.
GM had previouslh announced that as part ofits reorganization, it will lay off anothetr 21,000 employees, close at leasyt a dozen plants and end its relationships with about 6,000 The new company, which will operatse under the General Motors name, will focus on manufacturing fuel-efficient cars. The government hopes to take GM publicin 2010, accordingv to a New York Timesz story. In the meantime, the old GM, renamedc the Motors Liquidation Co.
, will remainj in bankruptcy as trustees wind downthe