The ruling allows for GM to eventually emerge from Chapter 11 bankruptcy protection.
"As nobody can seriously dispute, the only alternative to an immediate sale is liquidation -- a disastrous result for GM's creditors, its employees, the suppliers who depend on GM for their own existence, and the communities in which GM operates," U.S. Judge Robert Gerber wrote in his 95-page ruling.
An appeal is expected to be filed on behalf of people who have sued GM in several auto accident cases. The deadline for an appeal is noon Thursday, after which point Gerber's order takes effect and the sale is free to close.
General Motors has sold their Saturn, Hummer and Saab brands to other companies. The former assets of General Motors, known as Motors Liquidation Co., will be sold to the highest bidder under court supervision. The assets portfolio includes several properties, many of which are factories that are likely to be closed.
GM, whose Chapter 11 filing was the fourth-largest in
In exchange for those funds, the government will own about 61 percent of the "new GM." The United Auto Workers (UAW) will own 17.5 percent of the new company and will name Stephen Girsky, a former GM adviser and Morgan Stanley analyst, to serve on the board. The Canadian government, which will control an 11.7 percent share, also will pick one member of GM’s new 13-member board.
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