WKYT | Lexington, Kentucky | News

Another day in court for GM bankruptcy proposal

NEW YORK (AP) - Attorneys, bondholders, consumer groups and
others will be back in a Manhattan courthouse this morning for more
testimony about General Motors' bankruptcy plan.
If it goes anything like yesterday, it could be another
frustrating session for U.S. Judge Robert Gerber, who admonished
lawyers for a lack of focus in their questioning.
GM is trying to avoid a lengthy sale hearing that could delay
its emergence from Chapter 11. CEO Fritz Henderson warned yesterday
on the stand that the government could walk away from the deal if
the sale doesn't close by July 10.
One lawyer for a group of bondholders argued that GM was going
for a sale instead of a restructuring because it would make it
harder for creditors to negotiate with the company.


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