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 NEW YORK (AP) - General Motors Corp. may have to wait out the long holiday weekend to learn if its bankruptcy plan is moving forward, after U.S. Judge Robert Gerber adjourned a three-day hearing without indicating when he will rule on GM's plan to sell its good assets to a new company.
Gerber asked GM's attorneys to submit a proposed order that would be entered if the sale were to be approved. They said they would do so by Friday night or Saturday, July 4th. Gerber is expected to rule some time after that.
A lawyer for GM warned the court that the only alternative to GM's plan would be a liquidation of the company's assets that would have "horrific" consequences for everyone involved.
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