New GM Snaps Up Transmission Unit From Ch. 11 For €1

Law360, New York (September 7, 2010, 6:06 PM EDT) -- A federal judge has freed transmission maker General Motors Strasbourg SA from the still-bankrupt estate of its parent company, approving the sale of the French business to restructured General Motors Co. for just €1 ($1.27).

Judge Robert E. Gerber approved the proposed stock sale during a hearing Tuesday in the U.S. Bankruptcy Court for the Southern District of New York, saying the deal is an “appropriate exercise of business judgment.”

The judge further rejected spurned rival bidder Punch Corp.’s request that an independent third party be...
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