Judge Clears Way For GM To Exit Chapter 11 Thursday, July 9, 4:35 PM ET
General Motors is set to exit Chapter 11.
A judge on Thursday cleared the path for GM to sell the majority of its assets to a new company. Those parts of the company not moving over to the new company will be liquidated during the next few years to pay off creditors. Assets to be sold range from closed plants to golf courses, and even a church in Indiana.
The new company is expected to be much leaner, with a new emphasis on more fuel efficient cars, more flexible contracts with suppliers and workers, and free of many of its debts.
The new GM will focus on four brands: Chevrolet, Cadillac, Buick and GMC. All other brands will either be sold or discontinued.
GM was able to emerge from bankruptcy in only 39 days, mainly due to precedants set by its rival Chrysler Corporation, which expedited the legal process.
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