Bankruptcy court adjourns ruling on GM sale plan
03 Jul 2009
The US bankruptcy court yesterday adjourned the hearing on General Motors Corp., without indicating when it will take a decision on the carmaker's plan to sell its good assets to a new company.
Now the company has to wait for the long holiday weekend to learn if its bankruptcy plan is moving forward.
All most all government institutions, and stock and bond markets in the US are closed today for Independence Day.
Meanwhile, Judge Robert Gerber had asked GM's attorneys to submit a proposed order that would be entered if the sale were to be approved.
A lawyer for GM warned the court that the only alternative to GM's plan would be a liquidation of the company's assets that would have "horrific" consequences for everyone involved.
Attorney Harvey Miller said the government is committed to cutting off funding to GM if the sale is not approved by July 10.
