GM to take on future product liability claims
By Associated Press
Sunday, June 28, 2009 -
Sunday, June 28, 2009 -
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ShareNEW YORK — General Motors Corp. has agreed to take on responsibility for future product liability claims, removing what could have been a sizable roadblock on the automaker’s path to a quick sale of its assets and emergence from Chapter 11 bankruptcy as a new company.
As part of its government-backed restructuring plan, GM wants to sell the bulk of its assets to a new company and leave behind unprofitable assets and other liabilities such as product-related lawsuits. A hearing on the proposed sale is scheduled for Tuesday.
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