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Judge refuses to delay sale of GM GM ready to exit from bankruptcy
(about 23 hours later)
A US judge has rejected a last minute request by a group of personal injury claimants to delay the sale of the profitable parts of General Motors. General Motors (GM) is expected to announce a speedy exit from bankruptcy protection later.
There is now nothing to stop GM selling the best parts of the business to a government-funded "new GM". The announcement is anticipated after a bankruptcy court order allowing it to sell its most profitable assets to a "new GM" took effect.
Once that has happened, the way will be clear for the carmaker to emerge from Chapter 11 bankruptcy protection. GM has scheduled a news conference in Detroit later on Friday.
GM has scheduled a news conference in Detroit on Friday morning, but has not confirmed what it will be about. The new, streamlined GM, will own the company's core assets such as Cadillac and Buick, and will be 61% owned by the US government.
Judge Lewis Kaplan rejected the request for a delay from a group who are pursuing a product liability claim relating to the Chevy Malibu on the grounds that delaying the sale would probably lead to the liquidation of GM. GM is in the processing of selling off its other brands such as Hummer, Saab and its GM Europe arm.
NEW GM'S BRANDS ChevroletGMCCadillacBuick
A US judge rejected a last-minute request to delay the sale of the profitable parts of the company.
Judge Lewis Kaplan rejected a request for a delay from a group who are pursuing a product liability claim relating to the Chevy Malibu on the grounds that delaying the sale would probably lead to the liquidation of GM.
Help from ChryslerHelp from Chrysler
The emergence from bankruptcy would be unusually quick for a company the size of GM.The emergence from bankruptcy would be unusually quick for a company the size of GM.
It has been helped by the legal precedents set in cases relating to Chrysler's bankruptcy when opponents of the deal tried to block it. GM BRANDS TO GO Pontiac*Saturn#Saab#Hummer#Opel#Vauxhall# *= to be discontinued/# = to be sold class="" href="/2/hi/business/8068434.stm">From biggest carmaker to biggest bankruptcy
It has been helped by the legal precedents set in cases relating to Chrysler's bankruptcy protection, when opponents of the deal tried and failed to block it.
GM filed for bankruptcy protection on 1 June, saying it would be forced to liquidate if the plan was not approved.GM filed for bankruptcy protection on 1 June, saying it would be forced to liquidate if the plan was not approved.
The new streamlined General Motors will be 60% owned by the US government.
In effect, a new, smaller GM is being created with a reduced workforce, smaller dealer network and less debt.In effect, a new, smaller GM is being created with a reduced workforce, smaller dealer network and less debt.
It will operate the best parts of the old company, including its Chevrolet and Cadillac brands. Its European operation, Opel, is being sold off. It will operate the best parts of the old company, with only its Chevrolet, Cadillac, Buick and GMC brands remaining. Its European operation, Opel, is being sold off.
The firm is getting $60bn (£37.3bn) in financing from the US Treasury, which gives the US government a 60% share in the "new" GM, while the United Auto Workers union will have 17.5%. The firm is getting $60bn (£37.3bn) in financing from the US Treasury, which gives the US government a 61% share in the "new" GM, while the United Auto Workers union will have 17.5%.
Canada's government will have a 12% share and GM bondholders will own about 10% in the new company.Canada's government will have a 12% share and GM bondholders will own about 10% in the new company.