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U.S. markets recover from steep losses
NEW YORK, June 2 (UPI) -- The U.S. government is pushing for a surgical bankruptcy for General Motors Corp. with an emergence from court by July 10, court documents show.
Bankruptcy Judge Robert Gerber in New York Monday granted General Motors Corp. permission to tap into $15 billion in federal funds, half the government's proposed funding, USA Today reported Tuesday.
Gerber will rule on whether or not to release the second half of the funds on June 25. Meanwhile, GM Chairman Kent Kresa said, "We have to get through this turbulent period as rapidly as we can so people understand where they stand."
Critically, the company is pushing for a quick proceeding to retain customer loyalty throughout a period of negative news.
"The new GM will be rededicated to our customers," Chief Executive Officer Frederick "Fritz" Henderson said at a news conference.
Chrysler LLC is preparing to emerge from bankruptcy court five weeks after filing, but GM is a much larger company with production in Europe, China and South America.
"I will not pretend the hard times are over. Difficult days lie ahead," President Barack Obama said Monday.
GM's filing is "a stress test for the economy," with greater impact on jobs and supply lines, finance professor Dan Seiver, at San Diego State University said.
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