From AP:
NEW YORK (AP) — A bankruptcy judge said late Sunday that General Motors Corp. can sell the bulk of its assets to a new company, clearing the way for the automaker to quickly emerge from bankruptcy protection.
Federal Judge Robert Gerber ruled that the sale is needed to avoid “immediate and irreparable harm” to GM and is in the best interests of both the automaker and its creditors.
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Some old GM assets could prove particularly tricky to unload. One plant that will go on sale includes an aluminum casting facility in Massena, N.Y. The plant has been contaminated by PCB sludge generated from the recycling of hydraulic oil that was used in the plant’s machinery, according to the EPA. Some of the waste lies below the underground water level, and the St. Regis Mohawk Tribe, whose lands border the site, filed several objections to GM’s sale plan, arguing that it unfairly frees GM of its environmental responsibilities toward cleaning the site.
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Turtle Talk 