G.M. breathing fresh air

General Motors has won approval from a U.S. bankruptcy judge to sell its good assets to a government funded new GM, clearing the hurdles for GM to exit bankruptcy protection.

A Reuters report says the sale marks the second big victory for the Obama administration's auto task force, which helped broker the disposal of Chrysler LLC to a group led by Italy's Fiat SpA last month.

The move is crucial to GM's restructuring and a key test of the Obama administration's efforts to rescue GM and Chrysler, says the report.

Auto insiders believe the "New GM" will emerge as a more streamlined, competitive automaker with the best assets, a cheaper workforce, smaller dealer network, and much less debt.

From now on GM will focus on Buick, Chevrolet, Cadillac and GMC brands and other profitable assets while shedding some of its brands including Hummer, Saab, Opel and Saturn. The sales of some of these brands already grabbed wide attention and interests internationally.