After receiving the blessing of a U.S. bankruptcy judge, GM appears set to emerge from Chapter 11 as early as tomorrow morning. On Sunday, Judge Robert Gerber approved the sale of GM’s most valuable assets to a new company largely owned by the U.S. and Canadian governments. Opponents still had until today to attempt to scuttle the deal, but experts now say those efforts won’t stand in GM’s way. This is good on many levels, not the least of which is the end of GM’s bizarre TV commercials, which seemed to equate its revival with an amputee athlete and people riding subways. The bad news: GM will still be saddled with US$50 billion in debt as it faces brutal competition and the worst auto market in three decades.
The new GM
Car company is about to emerge from Chapter 11
FILED UNDER: Business