GM’s path to exit bankruptcy protection apparently clear as deadline passes

GM’s path to leave Chapter 11 apparently cleared

DETROIT — It looks like the path is now clear for General Motors to exit bankruptcy protection as a new government-controlled company.

A judge’s order approving a plan to sell most of GM’s assets to a new company was to take effect at noon Thursday. A last-minute appeal was filed, but a legal expert did not expect it to block the sale.

Spokesman Tom Wilkinson says GM would close the sale quickly but he would not give a time frame.

When the sale closes, a more humble GM will leave underperforming assets behind and sell cars and trucks as a leaner company. GM, once the world’s largest automaker, is now free of high debt and costs that nearly dragged it into liquidation.