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Government will cease GM funding within 10 days
CommentsA senior member of President Barack Obama’s auto task force testified Wednesday that the U.S. government will not continue to fund General Motors Corp.’s operations if the automaker doesn’t get approval to sell its assets to a new company within 10 days.
The No. 1 U.S. automaker’s government-backed plan for a quick exit from Chapter 11 hinges on the sale plan, which would allow it to leave behind many of the costs and liabilities that have made the company unprofitable in the past.
The Detroit-based automaker is hoping to avoid a lengthy court battle over the sale.
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