GM's Fate Still Yet To Be Decided

Existing GM shareholders are expected to be wiped out.

The remaining pieces of the company, including some closed plants, will become the "Old GM" and be liquidated.

GM hopes to emerge as a leaner company, less burdened by debt and labor costs as it faces a severe recession that has sapped car and truck sales. Automakers, which are due to report June U.S. sales on Wednesday, have seen sales fall 37% over the first five months of the year.

Separately, GM said Wednesday that sales in China jumped 38% in the first half of this year, helped by strong demand for its minivans and other small vehicles.