Ges asset sale plan got approved

Ges asset sale plan got approved
Ges asset sale plan got approved
US Bankruptcy Court has approved GE’s asset sale plan on July 5th, especially permitted its high quality assets to be divorced from bankruptcy protection for “New GE”. Robert Geber, a judge of the Federal Bankruptcy Court located in Manhattan, said that to sell the high quality assets would “prevent the patient from dying on the operating-table”. GE applied for bankruptcy protection on June 1st. In case the asset sale plan mentioned was not approved, GE would be confronted with bankruptcy liquidating. US government indicated that if the sale has not been approved before July 10th, the government would not provide funds for GE. As Mr. Geber pointed out in the 95-page arbitral award, “If GE is wound up, the stockholders will not hold the bag, but those unsecured creditors get nothing.” According to the asset sale plan, “New GE” will keep “Chevrolet”, “Cadillac”, “Buick” and “GMC”. These four core brands possess relative cheap labor force, smaller dealer network and less debt. Whereas, “Old GE” including unpopular brands, unwanted factories and a crop of debts, will waiting for winding up in the court. The Treasury Department has agreed to inject $60.0 billion into “New GE”, during which $50.0 billion will bring 60?controlling interest to the federal government. Besides, United Auto Workers will have a 17.5?holding, Canadian government around 12?, and the creditors 10?. Reuters holds the point that selling out assets of GE successfully will be the second victory of Barack Obama’s Automotive Task Force, who succeeded in assisting Chrysler Corporation to align with Fiat Auto last month. An official of Automotive Task Force said, the government will command the initial public offering of “New GE” earliest in 2010. When “New GE” is beyond question, the future of those brands old but in difficulties is uncertain. Hummer was sold to a little-known Chinese company, which has neither strong assets nor any experience in the off-road vehicles market. It is no wonder that Hummer becomes a brand of tractor or something other. Some silicon bracelet suppliers have launched custom silicon bracelets with various Auto logos, e.g. HUMMER, SATURN, PONTIAC, SAAB. To wear such kind of silicon bracelets might be a popular way to show your support of the historied brands’ original value. You never know such brands will go where. Susan Walter is a copywriter of YBUW, in order to introduce this main producer of silicone wristbands through the world to more people.
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Ges asset sale plan got approved 6.8 of 10 on the basis of 2300 Review.