New GM could make debut today

General Motors Corp. and the U.S. Treasury are prepared for the New GM to emerge from bankruptcy Thursday afternoon, the government's lawyer told the court in a Tuesday filing. The parties are prepared to close immediately upon the expiration of the stay on Thursday afternoon," Matthew Schwartz, an assistant U.S. attorney, said in court records. "Indeed, the parties have been prepared to close since earlier this week."

The filing was made in response to motions from two groups opposing the sale of GM's assets to create a new GM. They are asking a judge to have their appeals bypass the U.S. District Court and go directly to the U.S. Court of Appeals.

If that does not happen, one of the groups — the Ad Hoc Committee of Asbestos Personal Injury Claimants — has asked the court to temporarily halt the deal.

Bankruptcy Judge Robert Gerber approved the sales deal late Sunday but under his sales order, the deal closes Thursday in order to give objectors time to appeal.