GM sale effective at noon; barring court action, automaker could emerge from Chapter 11 soon
By APThursday, July 9, 2009
Opponents of GM sale face noon deadline
NEW YORK — Those opposing General Motors’ plan to sell the bulk of itself to a new government-controlled company face a noon deadline to file appeals and find a way to get the sale halted.
U.S. Judge Robert Gerber’s order approving the sale is set to take effect at 12 p.m. EDT on Thursday. Once the sale goes through, Detroit-based GM will be free to emerge from bankruptcy protection.
A group of people with product-related claims against General Motors Corp. appealed earlier this week and asked that their appeal be fast-tracked to the 2nd Circuit Court of Appeals.
Another group of asbestos claimants also appealed and asked that the sale be halted until the U.S. District Court could take action.
Gerber denied both motions.
