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Thu June 25, 2009
Judge gives final OK to GM bankruptcy financing
NEW YORK – A bankruptcy judge says GM can have access to its full $33.3 billion in bankruptcy financing.
Judge Robert Gerber gave final approval to the financing on Thursday. He had given preliminary approval to GM using $15 billion of the total at a hearing earlier this month.
The billions in financing, which is largely being supplied by the U.S. government, is intended to keep Detroit-based GM going until it can sell its assets to a new company and emerge from Chapter 11.