The General is racing through its bankruptcy proceedings, with victory lane in sight, where the troubled automaker will arrive leaner, meaner, and better positioned for long-term success. A key milestone was reached Sunday when Judge Robert E. Gerber of the U.S. Bankruptcy Court for the Southern District of New York approved the sale of substantially all of General Motors Corporation's assets to the new GM.
Through the 363 asset sale, the new company will carry on with the “best” parts of the old corporation, officially known as Motors Liquidation Company. Among the key assets are just four brands: Buick, Cadillac, Chevrolet, and GMC. Separately, GM has said it will withdraw from the NUMMI cooperative factory venture with Toyota, where the Pontiac Vibe was built in California.
The new GM's common stock will be owned by:
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U.S. Department of the Treasury: 60.8 percent
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UAW Retiree Medical Benefits Trust: 17.5 percent
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Canada and Ontario governments: 11.7 percent
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The old GM: 10 percent
The judge's order included a four-day stay before closing of the sale can occur, allowing for appeals to be heard.