Judge approves plan for GM's future - Fox29 WFLX TV, West Palm Beach, FL-news & weather

Judge Approves Plan for GM's Future

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  • Florida State removes statue of founder, slave owner Eppes

    Florida State removes statue of founder, slave owner Eppes

    Friday, July 20 2018 11:17 AM EDT2018-07-20 15:17:52 GMT
    Friday, July 20 2018 11:25 AM EDT2018-07-20 15:25:26 GMT

    Eppes was once commemorated as the founder of FSU, and until early Thursday morning his statue was on the school's Westcott Plaza.

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    Eppes was once commemorated as the founder of FSU, and until early Thursday morning his statue was on the school's Westcott Plaza.

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  • Trump talks tougher, now says he warned Putin on meddling

    Trump talks tougher, now says he warned Putin on meddling

    Wednesday, July 18 2018 12:31 AM EDT2018-07-18 04:31:41 GMT
    Thursday, July 19 2018 1:22 AM EDT2018-07-19 05:22:31 GMT
    (AP Photo/Andrew Harnik). President Donald Trump speaks to members of the media as he meets with members of Congress in the Cabinet Room of the White House, Tuesday, July 17, 2018, in Washington. Trump says he meant the opposite when he said in Helsink...(AP Photo/Andrew Harnik). President Donald Trump speaks to members of the media as he meets with members of Congress in the Cabinet Room of the White House, Tuesday, July 17, 2018, in Washington. Trump says he meant the opposite when he said in Helsink...

    Rebuked as never before by his own party, including a stern pushback from usually reserved Senate Majority Leader Mitch McConnell, the U.S. president sought to end 27 hours of recrimination by delivering a rare admission of error.

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    Rebuked as never before by his own party, including a stern pushback from usually reserved Senate Majority Leader Mitch McConnell, the U.S. president sought to end 27 hours of recrimination by delivering a rare admission of error.

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  • Marriott hotels eliminating plastic straws by 2019

    Marriott hotels eliminating plastic straws by 2019

    Wednesday, July 18 2018 12:25 AM EDT2018-07-18 04:25:22 GMT
    Wednesday, July 18 2018 10:47 AM EDT2018-07-18 14:47:09 GMT
    The world's largest hotel company said the move will eliminate approximately 1 billion straws and 250 million stirrers by July 2019. (Source: Pixabay, File)The world's largest hotel company said the move will eliminate approximately 1 billion straws and 250 million stirrers by July 2019. (Source: Pixabay, File)

    The world's largest hotel company said the move will eliminate approximately 1 billion straws and 250 million stirrers by July 2019.

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    The world's largest hotel company said the move will eliminate approximately 1 billion straws and 250 million stirrers by July 2019.

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A plan approved by the federal judge overnight makes taxpayers 60% owners of the new General Motors.

Hundreds of people came forward asking the judge to reject the sale, but it did not happen.  Under this plan, General Motors will create a new company, and rid itself of debt and expensive contracts.

GM will be selling its most desirable assets, including the Chevrolet and Cadillac brands to a new company, 60% of which will be owned by taxpayers.

GM's Government backed plan to exit from chapter 11 bankruptcy protection now hinges on the sale. The treasury department vows to cut off the funding if the sale does not go through by July 10th.

This all comes after the carmaker filed for chapter 11 on June 1st, which was the fourth largest filing in US history. The company now plans to leave behind 16 plants, as well as other real estate in Delaware, Ohio, New York, Indiana, Pennsylvania, Virginia and Michigan.

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