New GM almost ready to roll
A new General Motors could emerge from bankruptcy protection next week if a federal judge approves its restructuring plan, as seems likely.
Judge Robert Gerber adjourned proceedings after the US carmaker indicated it would revise some terms of the plan to accommodate objections. It filed a revised plan with the Securities and Exchange Commission late on Thursday.
The restructuring, under section 363 of the US bankruptcy code, would be a landmark in the Obama administration’s efforts to reshape the car industry. Chrysler, GM’s Detroit-based rival, has gone through a similar process, emerging as a new company last month after 41 days in Chapter 11. GM filed for court protection on June 1.
GM is planning a campaign to persuade Americans that it is a nimbler company making vehicles worthy of their respect.
Source: Financial Times
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