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

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led by the U.S. government. Judge Robert Gerbert of the U.S. Bankruptcy Court for the Southern District of New York overroder the objections of several agreeing with GM that the sale was needec to keep the automaker in Gerber approved the sale toNGMCO Inc., an entity fundedx by the U.S. Treasuryt Department. Gerber’s order included a four-day stay before the sale could close. The Detroit-based company for Chapter 11 bankruptcygJune 1. Gerber's decisioj sets the stage for the new GM to emergee frombankruptcy Thursday. Besides the U.S.
the Canadian government and health-care trust for the Unitedd Auto Workers will have stakes in the new NGMCO will change its name to GeneralMotorzs Co. and continue to operate under GM’x corporate and sub-brands, GM (NYSE: GM) said in a Monda release. The government hopes to take GM publifin 2010. In the meantime, the old GM will change its name to MotorasLiquidation Co. and will remaimn in bankruptcy as trusteew wind downthe business. GM that as part of its it will lay offanother 21,000 close at least a dozen plants and end its relationshipa with about 6,000 dealers, including some 38 in Missour and 66 in Illinois.
As of the end of Missouri had 160 GM dealerships and Illinoishad 315. GM planw to cut a shift from its Wentzville plant in 887 workers, or nearly half its hourlg work force there. Feeling pressur e from more than a dozenm attorneysgeneral nationwide, including from Missouri and Illinois General Motors Corp. has agreed to assume liability for injurieas drivers suffer from car defectd after the automaker emerges from Buton Monday, the Chicago-based filed notice of appeal on behalf of individuals who have sued GM with product-liabilitty claims.