GM bankruptcy plan approved

By doris | Published: July 6, 2009

Full Story at money.cnn.com

NEW YORK (CNNMoney.com) — General Motors’ plan to emerge from bankruptcy, with a lot of help from the federal government, has been approved by a federal judge.

Judge Robert Gerber gave his approval late Sunday after three days of hearings last week, saying it “is the only available means to preserve the continuation of GM’s business.”

Under the plan, the Detroit-based automaker, which filed for court protection on June 1, creates a new company and sheds crushing debt and expensive contracts.

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