New General Motors ready to exit bankruptcy

Nation's No. 1 automaker General Motors on Friday prepared to exit bankruptcy with the message that a leaner and meaner automaker ready to win back American consumers and pay back taxpayers has emerged from its failure.

Photo: New General Motors ready to exit bankruptcy

A whirlwind 40-day bankruptcy for GM was expected to conclude with the closing of a deal to sell key operations and core brands, including Chevrolet and Cadillac, to a new company that will be majority owned by the U.S. Treasury.

Chief Executive Fritz Henderson and Ed Whitacre, a veteran telecommunications executive and incoming chairman, were set to appear at a news conference 9 a.m. ET at the automaker's Detroit headquarters to mark the launch of that "new GM", informs Reuters.

U.S. District Judge Lewis Kaplan on Thursday denied a request by a committee of some of those objectors to delay Gerber's order.

Creditors at Chrysler Group were able to win a brief stay of a similar order during its bankruptcy process in June. But that stay was lifted without any court hearing arguments. So the chances of blocking the GM sale were seen as a long-shot.

While the company could emerge from bankruptcy as soon as Thursday afternoon, a person familiar with plans said it is unlike to do so until Friday. GM Chief Executive Fritz Henderson is planning a press conference for Friday morning, although the company has yet to announce details, according to CNNMoney.