• Detroit Free Press, Monday, July 6, 2009 10:40 AM

U.S. Bankruptcy Court Judge Robert Gerber late Sunday approved General Motors' plan to sell off its good assets to create a new GM, Tim Higgins reports. The ruling came after a three-day hearing in New York City, where the plan came under attack from opponents, who said it was unfair to creditors. Appeals are expected.

"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," Gerber wrote.

A helpful sidebar by Jewel Gopwani reviews GM's reorganization plans, including its plans for its brands: sell Saturn to Penske Automotive Group; sell Hummer to Chinese construction equipment maker Sichuan Tengzhong Heavy Industrial Machinery; eliminate Pontiac, and sell Saab to Swedish high-performance sports car maker Koenigsegg Automotive.

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