Old GM Takes Big Step Forward On Road Out Of Ch. 11

Law360, New York (October 21, 2010, 2:47 PM EDT) -- A judge has granted conditional approval to a disclosure statement for Motors Liquidation Co.'s liquidation plan, bringing the lingering bankrupt remains of General Motors Corp. one major step closer to exiting Chapter 11.

Judge Robert E. Gerber said in a hearing on Thursday in the U.S. Bankruptcy Court for the Southern District of New York that he intends to approve the disclosure statement as soon as the debtors address certain wording disagreements.

Keeping a firm hand on the proceedings, Judge Gerber told objecting parties that he...
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