Judge OKs GM's Plan to Sell Assets

Updated from 1:12 a.m. EDT

A federal bankruptcy judge gave U.S. automaker General Motors (GMGMQ Quote) the OK to sell its best assets to a new company, clearing the way for it to emerge from bankruptcy.

U.S. Judge Robert Gerber said in his 95-page ruling late Sunday that the sale was in the best interests of both GM and its creditors, whom he said would otherwise get nothing.

"As nobody can seriously dispute, the only alternative to an immediate sale is liquidation -- a disastrous result for GM's creditors, its employees, the suppliers who depend on GM for their own existence, and the communities in which GM operates," Gerber wrote in his ruling.

The judge's order includes a four-day stay before closing of the sale can occur. However, GM said in a statement Monday it expects the sale to close in the near future. The Treasury Department has vowed to cut off funding to GM if the sale doesn't go through by Friday. ...