GM Expected To Announce Exit From Ch. 11

Law360, New York (July 9, 2009, 12:00 AM EDT) -- Facing a deadline for the termination of government financing, General Motors Corp. is widely expected to announce the closure of a deal to sell itself to a new company on Friday, potentially allowing the automaker to exit Chapter 11 protection just a little more than a month after it filed its petition.

While the company has not yet released details on the matter, GM CEO Fritz Henderson has planned to hold a press conference Friday morning, the day after a stay issued in the U.S. Bankruptcy...
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