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GM pressed by deadline, creditors as court hearing enters third day

Jul 2, 2009, 11:44 GMT

New York - General Motors' crucial bankruptcy court hearing entered its third day Thursday, with hundreds of creditors still challenging the carmaker's restructuring plan. The case came before the New York court on Tuesday. GM's chief executive Fritz Henderson has warned in tesimony that liquidation would be the only option if the court does not approve his reorganization plan by July 10. But creditors, dealerships and some labour unions have lodged about 750 complaints against GM`s plan, hoping to get a better settlement or more money through liquidation. GM, which entered bankruptcy on June 1, wants the court`s approval for what amounts to a government takeover. The Detroit-based manufacturer hopes to sell its best assets into a new company, which would have the US and Canadian governments as majority stakeholders. GM's smaller rival Chrysler, which also sold its best brands into a new firm and emerged from bankruptcy in less two months. Chrysler is now under the control of Italian carmaker Fiat, aided by billions of dollars in government loans. US President Barack Obama is hoping the bankruptcies will breathe new life into the flagging, Detroit-based car industry, which has steadily lost market share to foreign rivals over the past few decades.

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