GM Bankruptcy Judge Moving Quickly, Big 3 Sales Totals Due Out

New York (WWJ)  -- The judge overseeing General Motors' bankruptcy filing is speeding the process along. 

Judge Robert Gerber has ruled that GM can have immediate access to $15 billion in government financing and gave the automaker approval to continue honoring all vehicle warranty programs and dealer incentive plans.

Gerber also set a hearing on the proposed sale of the bulk of the automaker's assets to take place in just 30 days.  Gerber, who says time is of the essence, has given interim approval for GM's use of a total of $33-billion in financing.

He will rule on final approval of the total amount of financing on June 25.

Car sales figures are also due out today for GM, Ford, and Chrysler, and analysts will be looking closely at the numbers.  Specifically, they'll be looking at Chrysler's sales figures to see what impact bankruptcy might have on sales.

Mark LaNeve, GM's vice-president of sales, service, and marketing, said that consumers will see that GM is staying open for business. 

"I don't anticipate a big falloff, if any, and I'm optimistic.  Customers, you know, taxpayers, are now invested in our business, and hopefully they will give us a look and when they do that, if they haven't looked at GM in years--and they're shocked by the designs and the competitiveness of the product, the fuel economy...we've got a great chance to make them a conquest customer and hopefully we can earn their business," he said.

Also Tuesday, GM said that it had entered into a memorandum of understanding with a buyer for HUMMER, althought the buyer's name isn't being revealed.  The sale is expected to close by the end of third quarter of this year and is subject to regulatory approvals. 

The deal is expected to secure more than 3,000 U.S. jobs in manufacturing, engineering and at HUMMER dealerships around the country.  "HUMMER is a strong brand," said Troy Clarke, President of GM North America. "I'm confident that HUMMER will thrive globally under its new ownership.  And for GM, this sale continues to accelerate the reinvention of GM into a leaner, more focused, and more cost-competitive automaker."

As part of the proposed transaction, HUMMER will continue to contract vehicle manufacturing and business services from GM during a defined transition period.