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GM's path to leave Chapter 11 apparently cleared

It looks like the path is now clear for General Motors to exit bankruptcy protection as a new government-controlled company.

FILE - In this Dec. 12, 2008 file photo, the General Motors logo is seen outside the GM headquarters in downtown Detroit. General Motors Corp. has agreed to take on responsibility for future product liability claims, according to documents filed in federal bankruptcy court in New York on Friday June 26, 2009. The new company will now assume responsibility for future claims involving vehicles made by the old company. (AP Photo/Carlos Osorio, File)

DETROIT (AP) - It looks like the path is now clear for General
Motors to exit bankruptcy protection as a new government-controlled
company.
A judge's order approving a plan to sell most of GM's assets to
a new company was to take effect at noon Thursday. A last-minute
appeal was filed, but a legal expert did not expect it to block the
sale.
Spokesman Tom Wilkinson says GM would close the sale quickly but
he would not give a time frame.
When the sale closes, a more humble GM will leave
underperforming assets behind and sell cars and trucks as a leaner
company. GM, once the world's largest automaker, is now free of
high debt and costs that nearly dragged it into liquidation.


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