After heading for disaster in the last six weeks GM finally decided to finally ditch Chapter 11.

Bankruptcy Court Judge Robert Gerber decided that all GM’s good assets will be sold to a company leaded by the U.S. and Canadian governments and the UAW healthcare fund but he also mentioned that the vested parties can file an objection in the following four days.

On Tuesday, two requests for a stay were denied and an accident victim’s request shared the same result the next day Detroit News is honestly thinking that this morning at 6:30 am the company emerged from Chapter 11.

CEO Fritz Henderson scheduled a 9 am press conference this morning and hopefully he will announce the beginning of the New GM Era.

In order to keep GM out of liquidation, the US government invested $50 billion and in return it received a 60% stake. 17.6% will go to UAW and last but not least, for its $9 billion Canada will receive an 11.7% slice.

The “New GM” will not have the same strength but it managed to avoid bankruptcy and that’s the most important thing for the time being.