Federal bankruptcy judge approved GM restructuring plan

On July 5, 2009, a federal bankruptcy judge approved the sale of assets held by General Motors to a new, government-backed company. Judge Robert Gerber of the US Bankruptcy Court for the Southern District of New York granted a motion seeking the court's approval for sale of the automaker under US Bankruptcy Code § 363 to Vehicle Acquisition Holdings (VAH)—a company created by the US Department of the Treasury for the express purpose of facilitating the sale. GM had initially filed for Chapter 11 bankruptcy protection in June 2009, and also borrowed $33.3 billion from the US and Canadian governments to finance the creation of VAH.

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