CORRECTED - UPDATE 1-GM bankruptcy plan eyes quick sale to gov't | Deals | Mergers & Acquisitions | ReutersBy Chelsea Emery and Tom Hals
NEW YORK, May 19 (Reuters) - General Motors Corp's (GM.N) plan for a bankruptcy filing involves a quick sale of the company's healthy assets to a new company initially owned by the U.S. government, a source familiar with the situation said on Tuesday.
The source, who would not be named because he was not cleared to speak with the media, did not specify a purchase price. The new company is expected to honor the claims of secured lenders, possibly in full, according to the source.
The remaining assets of GM would stay in bankruptcy protection to satisfy other outstanding claims.
No, Obama doesn't want the GOVERNMENT to make our cars.. no of course not right?