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CNBC.com |
A General Motors bankruptcy court hearing in which the company is seeking to sell its main assets to a "New GM" began Tuesday but moved to a recess almost immediately as the judge dealt with communication issues.
Judge Robert Gerber opened the hearing, at which GM is seeking approval of the U.S. government-backed sale plan, Tuesday morning but had to halt the proceedings in order to sort out communications problems for lawyers, creditors and others who hoped to dial in to the courtroom to hear him speak.
GM Chief Executive Fritz Henderson and dozens of lawyers gathered in U.S. Bankruptcy Court in Manhattan for the sale hearing. The automaker is seeking court approval for the sale just 30 days after filing for Chapter 11.
Under the deal, brokered by the Obama administration's autos task force, the company would sell its assets under Section 363 of the bankruptcy code to a "New GM" and continue to operate its best assets, including Chevrolet and Cadillac, while the U.S. Treasury would provide billions of dollars in financing.
GM's old assets would remain behind in bankruptcy court to be liquidated.
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