GM Hoping For Speedy Sale, Exit From Chapter 11

By: Associated Press Email
By: Associated Press Email

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Tuesday, June 2, 2009

General Motors is working to sell off brands after wrapping itself in bankruptcy protection.

The Detroit automaker says it has worked up a tentative deal to sell off its Hummer brand, although it hasn't said who the buyer is or what price was set. The automaker says the deal would likely save more than 3,000 jobs.

GM also says it has 16 buyers interested in Saturn and three more eyeing Saab.

The automaker is hoping to race through bankruptcy and emerge a trimmed down, more maneuverable company. One analyst says before filing for Chapter 11, GM had a lot of its "ducks in a row" because of the terms of the $20 billion it has gotten in government financing.

During today's hearing, GM Attorney Harvey Miller stressed the importance of a swift bankruptcy process, noting the company only has about $2 billion in cash left.

A bankruptcy judge has given it immediate access to $15 billion in government financing to get through the next few weeks. He's also given interim approval for use of a total of $33.3 billion in financing.

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