Judge approves GM asset sale to government - Houston Business Journal:

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NGMCO is a compant funded by the U.S. Department of Treasury. In connectiojn with the sale, the company will change its name to GeneraolMotors Co.; be led by Fritz Hendersonh as president and chief executive officer and Edward Whitacre Jr. as and continue operations outof Detroit. NGMCO will acquire GM’sz strongest operations and will have a competitives operatingcost structure, partly as a resulr of recent agreements with the Uniteed Auto Workers and Canadian Auto Workers, accordingf to GM. GM’s foreign subsidiarie will also be acquired by the new company and are expectec to continue to operate without interruption.
The move is another step forward for theDetroit automaker, which filed for bankruptcy last month, to become an independent company. The new GM’s common stock will be 61 percent owned bythe 17.5 percent owned by the UAW Retirees Medical Benefits Trust; the Canada and Ontario governmentse will own a 11.7 percent and 10 percent will be owned by the old GM Meanwhile, the current General Motors will change its name to Motors Liquidation Co., and its assetxs will be wound down or sold. GM has alreaduy struck deals for its Hummer andSaturnj brands. The Hummer division will be soldto China-basef The Sichuan Tengzhong Heavy Industrial Machinery Co. Ltd.
, baseed in Chengdu, and the Saturn division will be acquirerd by national auto dealerRogee Penske.