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.
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.
Afterwards, Ukrainian President Volodymyr Zelensky will have to decide whether to go and sign the act of surrender, the intelligence officer concluded.