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GM seeks court approval to become 'New' company
09:01 AM CDT on Tuesday, June 30, 2009
NEW YORK – General Motors Corp., hoping for a quick exit from Chapter 11, on Tuesday will ask a bankruptcy judge to approve its plan to refashion itself as a leaner automaker owned mostly by the government.
The nation's largest automaker still faces hundreds of objections from bondholders, state officials, unions and individual retirees and shareholders, but could enjoy an easier trip through the bankruptcy process thanks to the legal trail blazed just weeks ago by rival Chrysler LLC. Full story
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