Bankruptcy judge gives interim approval for GM to access $33.3 billion in financing
By APTuesday, June 2, 2009
Judge OKs use of GM bankruptcy financing
NEW YORK — A bankruptcy judge says General Motors can have immediate access to $15 billion in government financing as it attempts to quickly restructure under court protection.
U.S. Judge Robert Gerber gave interim approval to the Detroit-based automaker’s use of a total of $33.3 billion in financing, with the $15 billion available for use over the next three weeks. He will rule on final approval of the financing on June 25.
Gerber also set GM’s sale hearing for June 30.
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