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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  • Trump endorses raising minimum age to 21 for more weapons

    Trump endorses raising minimum age to 21 for more weapons

    Thursday, February 22 2018 12:24 AM EST2018-02-22 05:24:41 GMT
    Thursday, February 22 2018 11:56 AM EST2018-02-22 16:56:37 GMT
    (AP Photo/Carolyn Kaster). President Donald Trump, looks to Julia Cordover, the student body president at Marjory Stoneman Douglas High School in Parkland, Fla., as she speaks during the listening session with high school students, teachers, and others...(AP Photo/Carolyn Kaster). President Donald Trump, looks to Julia Cordover, the student body president at Marjory Stoneman Douglas High School in Parkland, Fla., as she speaks during the listening session with high school students, teachers, and others...

    Students and parents appealed to President Donald Trump to set politics aside and protect America's school children from the scourge of gun violence.

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    Students and parents appealed to President Donald Trump to set politics aside and protect America's school children from the scourge of gun violence.

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  • Shiffrin gets silver in Vonn's last Olympic race; Gisin wins

    Shiffrin gets silver in Vonn's last Olympic race; Gisin wins

    Wednesday, February 21 2018 11:37 PM EST2018-02-22 04:37:26 GMT
    Thursday, February 22 2018 11:18 AM EST2018-02-22 16:18:05 GMT
    (AP Photo/Christophe Ena). United States' Lindsey Vonn comes to a stop in the finish area of the women's combined downhill at the 2018 Winter Olympics in Jeongseon, South Korea, Thursday, Feb. 22, 2018.(AP Photo/Christophe Ena). United States' Lindsey Vonn comes to a stop in the finish area of the women's combined downhill at the 2018 Winter Olympics in Jeongseon, South Korea, Thursday, Feb. 22, 2018.

    Lindsey Vonn, the leader after the downhill portion, made a mistake early in the slalom and didn't finish in what's likely the final race of her Winter Games career.

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    Lindsey Vonn, the leader after the downhill portion, made a mistake early in the slalom and didn't finish in what's likely the final race of her Winter Games career.

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  • Drink up: Thursday is National Margarita Day

    Drink up: Thursday is National Margarita Day

    Thursday, February 22 2018 8:36 AM EST2018-02-22 13:36:42 GMT

    The origins of the celebration are not known, but it is celebrated annually on Feb. 22.

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    The origins of the celebration are not known, but it is celebrated annually on Feb. 22.

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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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