GM Seeks Approval To Become 'New' Company

[OhioChick]

Source: AP

Leaner Automaker Would Be Owned Mostly By Government

9:30 am EDT June 30, 2009

NEW YORK -- General Motors Corp., hoping for a quick exit from Chapter 11, on Tuesday will ask a bankruptcy judge to approve its plan to refashion itself as a leaner automaker owned mostly by the government.

The nation's largest automaker still faces hundreds of objections from bondholders, state officials, unions and individual retirees and shareholders, but could enjoy an easier trip through the bankruptcy process thanks to the legal trail blazed just weeks ago by rival Chrysler LLC.

Last month, objections from a group of bondholders and others dragged out for three days Chrysler's hearing on its plan to sell the bulk of itself to a group led by Italy's Fiat Group SpA.

After the Chrysler sale was approved by U.S. Judge Arthur Gonzalez, the bondholders and other objectors appealed it all the way up to the Supreme Court. Despite their efforts, the plan ultimately went through and the automaker emerged from bankruptcy protection shortly thereafter.

Read more: http://www.newsnet5.com/automotive/19896501/detail.html

[David__77]

1. US should have a public sector.

Nothing wrong with that. Apparently the previous model is not working.