GM awaits ruling on sale plan
NEW YORK (AP) — General Motors Corp. may have to wait out the long holiday weekend to learn if its bankruptcy plan is moving forward, after U.S. Judge Robert Gerber adjourned a three-day hearing without indicating when he will rule on GM’s plan to sell its good assets to a new company. Gerber asked GM’s attorneys to submit a proposed order that would be entered if the sale were to be approved. They said they would do so by tonight or Saturday, July 4th. Gerber is expected to rule some time after that.
A lawyer for GM warned the court that the only alternative to GM’s plan would be a liquidation of the company’s assets that would have ‘‘horrific’’ consequences for everyone involved.
Attorney Harvey Miller said the government is committed to cutting off funding to GM if the sale is not approved by July 10.
State soldier in Iraq sworn in as lawyer by video link
LANSING (AP) — Before being deployed to Iraq, Army Reserve Maj. Miles Gengler needed Red Bull energy drinks to survive his schedule.
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Chrysler product lineup struggles in showrooms
DETROIT (AP) — The latest numbers on auto sales show that Chrysler needs to quickly figure out how to navigate the car market as deftly as it did bankruptcy court.
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