Judge OKs GM to use $33.3B funds

A bankruptcy judge ruled Thursday that General Motors Corp. can haveaccess to its full $33.3 billion US in bankruptcy financing. JudgeRobert Gerber gave final approval to the financing after he had givenpreliminary approval earlier for GM to use $15 billion.

A bankruptcy judge ruled Thursday that General Motors Corp. can have access to its full $33.3 billion US in bankruptcy financing. Judge Robert Gerber gave final approval to the financing after he had given preliminary approval earlier for GM to use $15 billion.

The billions in U.S. and Canadian government financing is intended to keep the automaker going until it can sell its assets to a new company and emerge from Chapter 11.

The U.S. government will take a 60 per cent stake in the new company, and the Canadian government would get 12.5 per cent. The UAW union and unsecured bondholders would own the rest.

 
 
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