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01 July 2009 @ 12:28 pm
GM CEO makes case for bankruptcy asset sale  

(BANKRUPTCY, COURT, ASSETS, AUTOMAKER, HENDERSON, BILLION)


By Emily Chasan and Caroline Humer NEW YORK (Reuters) - General Motors Corp`s chief executive told a U.S. bankruptcy court on Tuesday that the sale of GM`s main assets to government-backed "New GM" must win court approval in order for the automaker to survive. Fritz Henderson told the court that if the sale is not approved by July 10 and GM loses access to government funding, the company would be forced to liquidate. He testified on the first day of a hearing at which the automaker is seeking court approval for the sale just 30 days after filing for Chapter 11. "Business is doing better" at GM... read more