What are the steps to launching the New GM?
• Before the filing, GM and its largest secured lender, the US Treasury, and the Canadian and Ontario governments, negotiated agreements providing for the sale of assets to the New GM • GM filed a motion with the court asking the court to approve the sale of assets to New GM. • The court approved procedures related to the sale on June 1, 2009 and set the final hearing on the sale for 30 June 30 2009. • GM will notify its creditors that it is seeking approval of the sale to New GM. • Other parties who want to purchase the assets may submit bids as part of the requirement that GM accept the “highest or best” offer for the assets. This must be done by 22 June 22 2009. • Parties to contracts that will be assigned to the New GM will be notified. • The court will hold a hearing to approve the sale on 30 June 2009. • The US Treasury and the Canadian and Ontario governments are supporting the New GM sale transaction, which we expect will take approximately 30 to 60 days from court approval of
