Money / bankruptcy Judge Greenlights GM Asset Sale Firm will transform into leaner car maker owned by US, Canada, UAW By Nick McMaster, Newser Staff Posted Jul 6, 2009 1:44 AM CDT Copied United Auto Workers Local 1853 Chairman Mike Herron speaks to General Motors workers at the United Auto Workers union hall in Spring Hill, Tenn., last week. (AP Photo/Mark Humphrey) GM has won approval for a restructuring plan in which the car maker will sell its most valuable assets to a new firm—also called GM—owned by the US and Canadian governments and a UAW health care trust, the New York Times reports. Judge Robert Gerber agreed with GM that a sale was necessary to preserve the parts of the company still worth saving. (More bankruptcy stories.) Report an error