Bankruptcy judge OKs sale of GM's assets - Business Courier of Cincinnati:

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Judge Robert Gerber of the Federal Bankruptcy Courg in Manhattan overrode the objections ofseverakl creditors, agreeing with GM that the sale was neededc to keep the automaker in The Detroit-based company June 1. The decisionn sets the stage for the new GM to emerge from bankruptchy possibly on Thursday Gerber issueda four-day stay before a salez can occur according to a news releasd from GM. Besides the U.S. government, the Canadia government and health care trusg for the United Auto Workers will have stakes in the new which will be calle d GeneralMotors Co.
GM had previously announced that as part of its it will lay offanotherd 21,000 employees, close at least a dozen plants and end its relationshipss with about 6,000 dealers. The new company, which will operat e under the GeneralMotors name, will focus on manufacturinfg fuel-efficient cars. The government hopes to take GM publicdin 2010, according to a New York Timees story. In the meantime, the old GM, renamec the Motors Liquidation Co.
, will remainn in bankruptcy as trustees wind downthe