A bankruptcy court approved the U.S. plan for restructuring of General Motors

A bankruptcy court approved the U.S. plan for restructuring the U.S. avtomobilostroitel „General Motors“ (General Motors), providing for the sale of its best assets to a new company controlled by state agencies delivered worldwide.

Judge Robert Gerber noted that the sale is necessary to avoid „immediate and irreparable“ damage to General Motors.

In the „new“ General Motors’ 60.8 percent will belong to the American state, 11.7 percent of the Canadian state and 17.5 percent of the U.S. avtomobilostroiteli union (UAW).

Assets that will be acquired by new company will be declared by a court liquidation.

Request for protection from creditors under bankruptcy law in the U.S., filed by detroytskiya avtomobilostroitel of June 1, is the fourth scale in American history, notes AP.

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Finance