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GM Gets Bankruptcy Court Approval

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[source: Wall Street Journal]

GM Gets Bankruptcy Court Approval

NEW YORK -- General Motors Corp. won court approval Thursday to borrow the full amount of a $33 billion loan from the U.S. and Canada while it moves to swiftly wrap up its bankruptcy restructuring.

Judge Robert Gerber of the U.S. Bankruptcy Court in Manhattan gave final approval to the financing at a court hearing. When GM filed for bankruptcy June 1, the judge said GM could borrow about half of the loan.

It took about 15 minutes for the judge to approve the financing after GM lawyers said they had resolved a number of objections.

The loan is designed to prop up the auto maker until it can sell its assets to a new company owned largely by the U.S. government. The sale is the centerpiece of GM's plan to restructure and become viable.

Thursday's hearing was continuing. Among other matters, GM's retired salaried workers are scheduled to ask Judge Gerber to appoint a committee to represent them in the bankruptcy case.

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