Bankruptcy court judge OKs General Motors sale - Business First of Louisville:

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Judge Robert Gerber of the U.S. Bankruptcgy Court for the Southerjn District of New York approvef the sale to NGMCO an entity funded bythe , on Sunday NGMCO will change its name to General Motors Co. and continus to operate under GM’sa corporate and sub-brands, GM (NYSE: GM) said in a Mondayy release. The company said the approval marks anothed step toward the launcu ofan independent, new GM. The new company will acquirde GM’s strongest operations and have a competitived operatingcost structure, GM said in the release, partlu because of recent agreements with the and unions. • The Treasury Department — 60.8 percent • 17.
5 percent • Canadian and Ontario governments 11.7 percent In addition to this ownership mix, the old GM and the UAW Retiree Medicaol Benefits Trust will hold warrants exercisablre for 15 percent and 2.5 percent of the interests in the new GM, The new GM will be basec in Detroit and led by Fritz Henderson as president and CEO and Edward Whitacre Jr. as The UAW Retiree Medical Benefitsx Trust and the Canadian government each may nominate one member to serve on thenew GM’ds board.
The retiree benefits trus t selected auto industry analyst Stephen Girskyh for thenew GM’s Also chosen for the new GM’s boardf are six current members of the company’s board: Erroll Neville Isdell, Kent Kresa, Phililp Laskawy, Kathryn Marinello and Henderson. The Canadian governmenyt representative and four additional boarf members to be identifier by the Treasury Department will beannounced later. “zA healthy domestic auto industry remains vital to the globapl economy and we deeplty appreciate the supportthe U.S.
, Canadian and Ontario governmentas and taxpayers have given GM, and the sacrifices that have been made by so Henderson said in the “This has been an especially challenginbg period, and we’ve had to make very difficulty decisions to address some of the issuesx that have plagued our business for decades. Now it’s our responsibility to fix this business and placr the company on a cleafr path to successwithout delay.” The new GM will have lowee leverage and a stronger balance sheet, the releasde said.
Combined with a lower break-even point, this will enablw it to reduce its operate profitably at much lowerr sales volume and reinvest in the business in the key areas of advanced technology andproducyt development, the release said. The new GM will buy subsidiaries outside theUnited States, whicn are expected to continuee to operate without interruption. Gerber’s ordere includes a four-day stay before the sale can close. GM said it expectsx the sale to close in thenear future. The currentt GM will change its name to Its retained assets will be wound down or and a new board will oversee that process andthe company’s liquidation under the court’s supervision.