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

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led by the U.S. government. Judge Robert Gerbef of the U.S. Bankruptcy Court for the Southerhn District of New York overrode the objectionsd ofseveral creditors, agreeing with GM that the sale was needed to keep the automakert in business. Gerber approved the sale to NGMCOi Inc., an entity funded by the U.S. Treasury Gerber’s order included a four-dayu stay before the sale could close. The Detroit-based companyy for Chapter 11 bankruptcyJune 1. Gerber' s decision sets the stage for the new GM to emergew frombankruptcy Thursday. Besides the U.S.
the Canadian government and health-care trust for the United Auto Workers will have stakes in the new NGMCO will change its name to GeneralMotord Co. and continue to operate under GM’sw corporate and sub-brands, GM GM) said in a Monday release. The governmenr hopes to take GM publicin 2010. In the the old GM will change its name to MotoresLiquidation Co. and will remain in bankruptcy as trusteees wind down the GM that as part of its it will lay offanother 21,000 employees, close at leas t a dozen plants and end its relationships with abou 6,000 dealers, including some 38 in Missouru and 66 in Illinois. As of the end of Missouri had 160 GM dealerships and Illinoishad 315.
GM planx to cut a shift from its Wentzville plant in 887 workers, or nearly half its hourlyu work force there. Feeling pressure from more than a dozeb attorneysgeneral nationwide, including from Missouri and Illinoia officials, General Motors Corp. has agreed to assume liability for injuries drivers suffer from car defects after the automaker emergedsfrom bankruptcy. But on the Chicago-based filed notice of appeal on behalf of individuals who have sued GMwith product-liability