Events Calendar
In This Section
Most Read Stories
Bob Dyer: Those 'gifts' at Spencer's not for kids
Akron man pistol-whipped, shot
Man accused of raping, beating 5 daughters
Akron landlord robbed while showing apartment
Lawyer admits ex-cop is killer
Man wanted on drug charges related to 48 pounds of pot turns self in
Man accused of stealing coins from parking meters
Anderson lets anger get best of him
Man brings woman flowers, kills her, then self after high-speed chase
Blogs:
Akron Docs in Haiti:
Almost home
First Bell - On Education:
Afternoon reading
Pets:
Birds Bathing in the Sunshine
The Heldenfiles:
"American Idol" Results
Akron Zips:
Zips pull off double-overtime victory; Kent falls to Ohio
Tribe Matters:
Vizquel denies giving Cleveland bad rap
Cleveland Browns:
Jets tab Pool; Hadnot to Cardinals
Balanced Ledger:
How times have changed?
Kent State Sports:
Kent State men begin MAC tournament against Ohio
Cleveland Cavaliers:
MRI Shows Jamison Is Fine
Buckeye Blogging:
Bucks High Seed – Turner High Praise
Varsity Letters:
Report: Toledo offers Brown
All Da King's Men:
From The Far Side…And A Couple Health Care Tales
Blog of Mass Destruction:
Village People
Akron Law Café:
What's Good for the Bankers Is Good for America.
Car Chase:
2010 CONCOURS SEASON IS UPON US
Let's Talk Real Estate:
The Academy Awards!!!
Sound Check:
Pearl Jam coming to Cleveland in May
See Jane Style:
Who Wore What – The Oscars
HRLite House:
Beer and Age Bias
Akron Gamer:
'Street Fighter IV' now available for iPhone
Obama's auto task force wants bankruptcy to move along. Some parties object
Published on Thursday, Jul 02, 2009
Associated Press
NEW YORK: A senior member of President Barack Obama's auto task force testified Wednesday that the U.S. government will not continue to fund General Motors' operations if the automaker doesn't get approval to sell its assets to a new company within the next 10 days.
''We have no intention to further fund this company if the sale order is not entered by July 10,'' said Harry Wilson, one of the Treasury Department officials overseeing GM's restructuring, while being cross-examined by an attorney for a group of GM bondholders opposing the sale.
The automaker's government-backed plan for a quick exit from Chapter 11 hinges on the sale plan, which would allow it to leave behind costs and liabilities that have made the company unprofitable.
The Detroit automaker, whose June 1 filing for bankruptcy protection was the fourth-largest in U.S. history, is hoping to avoid a lengthy court battle over the sale.
Hundreds of parties including bondholders, unions, state officials, consumer groups and individuals have filed
objections to GM's plan, threatening to hold up its sale.
As part of a deal brokered with the auto task force, the U.S. government will get a 60 percent stake in the new company in exchange for the billions in tax dollars it has pumped into GM over the past several months in order to keep it afloat.
The Canadian government, which has also contributed billions in aid, will get a 12.5 percent stake while the United Auto Workers union will take a 17.5 percent share to fund its health care obligations. Unsecured bondholders receive the remaining 10 percent.
Three labor unions say that their retirees stand to lose health care benefits if the sale goes through as approved. Unlike the UAW, which brokered a deal for a stake in the company, those unions say they won't have anything to pay for retiree health care.
Get the full article here.
Comments
Click here to post your comments
