Judge OKs Use of GM Bankruptcy Financing

By: Associated Press Email
By: Associated Press Email

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The judge overseeing the bankruptcy filing by General Motors is speeding the process along.

Judge Robert Gerber has ruled that GM can have immediate access to $15 billion in government financing. And Gerber has set a hearing on the proposed sale of the bulk of the automaker's assets to take place in just 30 days.

Gerber, who says time is of the essence, has given interim approval for the automaker's use of a total of $33.3 billion in financing. Fifteen billion will be available for use over the next
three weeks. Gerber will rule on final approval of the total amount
of financing on June 25.
Today's filing for Chapter 11 bankruptcy protection is the
fourth-largest in U.S. history and the largest for an industrial
company. GM says it has $172.81 billion in debt and $82.29 billion
in assets.

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