2:57 p.m.: GM waits for judge
NEW YORK (AP) — An attorney for General Motors urged a bankruptcy judge Thursday to approve the automaker's sale plan, saying that the only other alternative would be a liquidation of the company's assets that would have "horrific" consequences for everyone. Attorney Harvey Miller said the government appears committed to cutting off funding to GM if the sale is not approved by July 10. Some parties objecting to the sale argued in court that the Obama Administration won't allow GM to fail. "Essentially the objectors are asking you to play Russian roulette," Miller said, adding that ignoring the deadline would put the futures of GM's employees, retirees, and creditors all at risk. Closing arguments in the three-day hearing ended early Thursday afternoon. Court was set to resume after a lunch break. It's not known when Judge Gerber will rule.
» Full Story2:46 p.m.: Cobalt sales drop
Tribune Chronicle
Lordstown-built vehicles -- the Chevrolet Cobalt and Pontiac G-5 -- experienced sales declines in June compared to the same period in 2008.
Cobalt experienced a 67.
12:12 p.m.: GM hearing resumes
NEW YORK (AP) — An attorney for a trio of bondholders opposed to General Motors' sale plan on Thursday urged a judge to call the government's bluff and require the automaker to restructure itself through a more traditional bankruptcy process instea...
» Full Story9:13 a.m.: Unemployment rises
WASHINGTON (AP) — Employers cut a larger-than-expected 467,000 jobs in June, driving the U.S. unemployment rate up to a 26-year high of 9.5 percent, suggesting that the economy's road to recovery will be bumpy.
» Full StoryGM retirees talk of New York trip
Charles Church was among several hundred former General Motors Corp. employees who spent two hours outside of the New York bankruptcy court Tuesday in which GM was seeking permission to liquidate its assets.
Forum creditors balk at time extension
YOUNGSTOWN — Forum Health’s creditors are objecting to a request for more time to file a new business plan by the bankrupt hospital company. They also say Trumbull Memorial Hospital is showing signs of failing.
