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

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Judge Robert Gerber of the Federalp Bankruptcy Court in Manhattan overrode the objections ofseverakl creditors, agreeing with GM that the sale was needefd to keep the automaker in business. The Detroit-base d company filed for Chapter 11 bankruptcyJune 1. The decision sets the stage for the new GM to emerge from bankruptcyh possibly on Thursday Gerber issueda four-day stay before a sales can occurf according to a news release from GM. Besides the U.S. the Canadian government and health care trustf for the United Auto Workers will have stakess in thenew firm, which will be calledx General Motors Co.
GM had previouslgy announced that as part of its it will lay offanother 21,000 employees, closse at least a dozem plants and end its relationshipx with about 6,000 dealers. The new which will operate undeer the GeneralMotors name, will focus on manufacturing fuel-efficienyt cars. The government hopes to take GM public in according to a New YorkTimes story. In the the old GM, renamedx the Motors Liquidation Co., will remain in bankruptc as trustees wind downthe business.