GM Scores $33B DIP Cash, Plus Buyer For Hummer

Law360, New York (June 2, 2009, 12:00 AM EDT) -- On its second whirlwind day in bankruptcy Tuesday, General Motors Corp. announced that it was in advanced talks to sell its Hummer brand to a Chinese machinery company, while simultaneously locking down interim access to $33 billion in debtor-in-possession financing from the U.S. government.

Judge Robert E. Gerber gave swift preliminary approval to GM’s request for DIP financing jointly pledged by the U.S. and Canadian governments, granting the green light for access to $15 billion in interim funding over the next several weeks.

GM will be...
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