After three days of hearing a federal judge has approved a plan that allows General Motors to sell its best assets to a government-run company.
The three days saw 850 objections to the restructuring plan addressed. Ultimately the judge agreed with GM’s main point that the sale was mandatory to save the company.
This ruling is a significant victory for the Obama Administration as it has been putting enormous pressure on the American auto industry to restructure in a very short amount of time.
In June, Chrysler rose from bankruptcy after only 42 days despite seeing shcallenges from three state funds that went all the way to the Supreme Court.
By Friday, General Motors will likely have be a changed company, having taken the fast track to the bankruptcy courts and coming out the other end as a smaller car manufacturer with fewer brands and a greater focus on more fuel-efficient cars like the Chevy Volt (pictured above).



