Treasury retains sole bid for GM

General Motors confirmed today that no organizational other than the Treasury has submitted a bid for the giant automaker, until recently the world’s largest. The U.S. Treasury is likely to continue with its plan to provide up to $30 billion in Chapter 11 financing to keep the automaker alive. The next step is a hearing on June 30, at which the government will present its case for buying GM’s “good assets” under Section 363 of the bankruptcy code. The game plan is for GM to be owned by the Treasury (60%), Canadian government (12.5%), the UAW VEBA (17.5%), and bond holders (10%).