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.