GM waits for judge to make decision

NEW YORK (AP) — An attorney for General Motors urged a bankruptcy judge Thursday to approve the automaker’s sale plan, saying that the only other alternative would be a liquidation of the company’s assets that would have “horrific” consequences for everyone.

Attorney Harvey Miller said the government appears committed to cutting off funding to GM if the sale is not approved by July 10. Some parties objecting to the sale argued in court that the Obama Administration won’t allow GM to fail.

“Essentially the objectors are asking you to play Russian roulette,” Miller said, adding that ignoring the deadline would put the futures of GM’s employees, retirees, and creditors all at risk.

Closing arguments in the three-day hearing ended early Thursday afternoon. Court was set to resume after a lunch break. It’s not known when Judge Gerber will rule.

GM’s government-backed plan for a quick exit from Chapter 11 protection hinges on the sale of most of its assets to a new entity, allowing the automaker to leave behind many of the costs and liabilities that have made it unprofitable. The Detroit car maker’s June 1 filing for bankruptcy protection was the fourth-largest in U.S. history.