GM's Fate Still Yet To Be Decided

By Bree Fowler

NEW YORK -- A hearing to determine the fate of General Motors (GMGMQ Quote) will continue Wednesday, with the automaker expected to face more objections to its plan to sell the bulk of its assets to a new company and quickly emerge from bankruptcy protection.

Attorneys, bondholders, consumer groups and others packed a Manhattan courthouse Tuesday to hear about five hours of testimony by GM CEO Fritz Henderson, who said the No. 1 U.S. automaker's sale is necessary to get GM back on its feet quickly. Henderson cautioned that the government could walk away from the deal if the sale doesn't close by July 10.

Parties are expected back in court at 8 a.m. EDT Wednesday. ...