GM sale gets OK from bankruptcy judge - new company will be called NGMCO Inc

General Motors was given approval by bankruptcy judge Robert Gerber on Sunday to
sell its assets to a new government-backed automaker.

GM, formerly the largest U.S. auto company is currently undergoing bankruptcy
reorganization during the worst recession ever recorded in the United States
since the Great Depression. The Obama administration plans include a major
restructuring of the auto industry in order to rebuild a more fuel efficient
economy not dependent on foreign oil.
Judge Gerber sided with government lawyers in a 95-page ruling he issued
following three days of heated debate from as many as 850 parties.



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