GM awaits ruling on sale plan

07-04-2009 | AP

GM attorney warns the only alternative is a liquidation of the company's assets

Panama Star NEW YORK. General Motors Corp. may have to wait out the long holiday weekend to learn if its bankruptcy plan is moving forward, after US Judge Robert Gerber adjourned a three-day hearing without indicating when he will rule on GM's plan to sell its good assets to a new company.

Gerber asked GM's attorneys to submit a proposed order that would be entered if the sale were to be approved. Gerber is expected to rule some time after that.

GM attorney Harvey Miller warned the court that the only alternative to GM's plan would be a liquidation of the company's assets that would have “horrific” consequences for everyone involved.