GM to seek approval to sell parts of itself

NEW YORK: General Motors Corp is heading to bankruptcy court on Tuesday local time to seek approval to sell its assets to a "New GM" in a plan to reinvigorate the automaker under US government ownership.

GM is seeking approval for the sale from US bankruptcy Judge Robert Gerber just 30 days after filing for Chapter 11.

Under the deal, brokered by the Obama administration's autos task force, the company would sell its assets under Section 363 of the bankruptcy code to a "New GM" and continue to operate its best assets, like Chevrolet and Cadillac, while gaining access to billions in funding from the US Treasury.