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GM said to discuss asset sale with auto task force

Posted Wednesday, Jun 17, 2009, 1:49 pm in Employee News

General Motors Corp., under bankruptcy court protection since June 1, held talks with representatives of President Barack Obama’s automotive task force yesterday about the planned sale of the company’s best assets, said a person familiar with the matter, Bloomberg news service reported.

The Detroit-based automaker is preparing for a hearing scheduled for June 30 on the sale of assets such as its Chevrolet, Cadillac and Buick brands to a new company backed by the U.S. government, Bloomberg said. The company appears ready to meet the bankruptcy court’s timetable, said the person, who asked not to be identified because the matter is private, the news service reported.

According to Bloomberg, the sale will separate the good parts of GM from assets such as unwanted dealer contracts, allowing a new company to be operating by the end of August. Chrysler LLC sold its best assets to a group led by Fiat SpA on June 10 to create Chrysler Group LLC in the same type of court process, the story said. (Bloomberg)
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