Getting your player ready...
NEW YORK — General Motors Corp. won approval Thursday to borrow the full $33.3 billion available under a bankruptcy loan from the U.S. and Canada.
U.S. Bankruptcy Judge Robert Gerber in Manhattan gave the Detroit-based automaker approval after all objections to the loan and its terms were resolved. Gerber previously gave GM the right to borrow $15 billion on an interim basis June 1.
Gerber also ruled that a group representing GM’s salaried retirees cannot form a formal committee to negotiate with the automaker as it attempts to reorganize and emerge from Chapter 11 as a new company.
