REPORT: Federal bankruptcy court expected to rule on "New GM"

Chris Paukert — Tue, 30 Jun 2009 10:57:00 EST

Filed under: Government/Legal, GM, Earnings/Financials

According to Reuters, General Motors is on its way into bankruptcy court today in an effort to win approval and access to additional federal funding under its asset-split plan. The automaker filed for Chapter 11 protection just 30 days ago, but it will now go before Judge Robert Gerber to sell desirable assets (think: Chevrolet, Cadillac, GMC, Buick) to "New GM" and jettison various debts and negative assets by consigning them to "Old GM," which would be liquidated. If it succeeds in winning court approval, GM will receive billions in U.S. Treasury funding.

Before it can open the Fed's piggy bank, however, GM must weather challenges from bondholders and disgruntled consumers involved in certain types of product liability lawsuits. Industry watchdogs believe that both GM and the Obama administrations auto task force have learned from Chrysler's bankruptcy machinations, which could accelerate the process. For more details on today's proceedings, check out the link below. Thanks for the tip, Michael!

[Source: Reuters via Yahoo | Image: Michael Heiman/Getty]

REPORT: Federal bankruptcy court expected to rule on "New GM" originally appeared on Autoblog on Tue, 30 Jun 2009 10:57:00 EST. Please see our terms for use of feeds.

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Top 7 Good Cars From "Bad GM"

Jeremy Korzeniewski — Wed, 03 Jun 2009 12:30:00 EST

Filed under: Convertible, Coupe, Hybrid, Sedan, Performance, SUV, Crossover, GM, Hummer, Pontiac, Saab, Saturn

General Motors makes more than a few world-class automobiles. As true as that statement may be, that alone wasn't enough to stall the automaker's steady decline - fueled as it may have been by the global economic downturn - into Chapter 11 bankruptcy. To expedite GM's return to viability, the Obama Administration plans to split the giant automaker into two parts, a so-called "Good GM" made up of GM's best assets and "Bad GM," which is what we're examining in today's Top Ten list.

In case you're not aware, Bad GM happens to include the entire lines from HUMMER, Pontiac, Saab and Saturn. Instead of dwelling on the oft ignored, underdeveloped and stagnant vehicles in Bad GM's lineup, we're taking a look at the best that Bad GM has to offer. Try as we might to make this into a true Top Ten list, we were only able to come up with seven suitable vehicles to lament - which admittedly does tell us something. Some were obvious, a few not so much. That said, follow along as we pick the Top 7 Good Cars from Bad GM.

Top 7 Good Cars From "Bad GM" originally appeared on Autoblog on Wed, 03 Jun 2009 12:30:00 EST. Please see our terms for use of feeds.

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