GM Execs Push Rapid Sale, Wind Down At Hearing

Law360, New York (June 30, 2009, 12:00 AM EDT) -- As the sale hearing for General Motors Corp. got rolling Tuesday, executives of the car company reportedly urged the bankruptcy court to quickly approve the deal, making the U.S. government the majority owner of the reorganized entity in exchange for $50 billion in bailouts.

GM CEO Fritz Henderson appeared in the U.S. Bankruptcy Court for the Southern District of New York to push for the rapid confirmation of the sale, noting that the car company would be forced to liquidate if the deal doesn’t close by...
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