New GM could emerge from Chapter 11 this Thursday

Article by Christian A., on August 27, 2010

The "New GM" will be emerging from Chapter 11 this Thursday, according to U.S assistant attorney Matthew Schwartz, who is closely involved with the General Motors bankruptcy hearings. In court records, he disclosed that the "parties are prepared to close immediately upon the expiration of the stay on Thursday afternoon."

He added that the parties have actually been prepared to close since earlier this week.  Last Sunday, Bankruptcy Judge Robert Gerber approved the sale of GM's assets to a new entity majority owned by the US government; however, he also ordered a stay on the sale until Thursday to allow groups of dissenters to file for appeals.

Judge Gerber yesterday denied a motion by a group claiming to have been injured by GM vehicles to skip the US District Court appeals process and appeal directly to the US Court of Appeals. He also rejected a request from a group of asbestos claimants to stay the sale longer.

No explanation was given but Judge Gerber said that he will be issuing a response by the end of the day on Tuesday.

As part of the deal approved by Judge Gerber, GM dealers will be given access to state courts for potential disputes with the new GM.

GM arrived at a deal that allows disputes such as product liability claims, warranties, and compliance with lemon, privacy, environmental and tax laws to be brought to court in 45 states. Termination disputes were not included in the deal.

Topics: gm, bankruptcy

If you liked the article, share on:

Comments

Recommended

Not a few agree that the Volkswagen Polo news a styling overhaul. While this supermini still looks good as it is now, the latest facelift was around three years. With...
by - April 27, 2017
They say that when the going gets tough, the tough get going. That’s what Harvey Payne did with his Chevrolet Bolt. Ever since he bought it, it had been experiencing...
by - April 27, 2017
What defines a coupe? Well, according to the dictionary, “it is a car with a fixed roof and two doors”. Ok, now that it is clear, when does one not...
by - April 27, 2017
Back in 2013 was when the first hot hatch was released, that was the original A45 by Mercedes-AMG, carrying a hand-built 2.0 liter M133 turbo mill. It was then then...
by - April 27, 2017
BMW dealers have a problem, a good problem. The demand for the 2017 BMW 5 Series is very high, they cannot attend to all the customers. But actually, supplies are...
by - April 27, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries