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The reorganized General Motors Corp. (GMGMQ), which could exit bankruptcy
protection as early as Thursday, will have an enterprise value between $63.1
billion and $73.1 billion, according to the bankruptcy judge overseeing the
auto maker's Chapter 11 case.

Judge Robert Gerber of the U.S. Bankruptcy Court in Manhattan pegged the
"new" GM's value in a Wednesday order rejecting appeals attempting to block the
sale of the Detroit auto maker's assets to a government-controlled entity.

That new entity, to be called General Motors Co., could exit from Chapter 11
protection any time after 12:00 p.m. EDT, when a window to consider protests to
the sale approved Sunday closes. But the company isn't expected to make an
announcement about its exit from bankruptcy until Friday.

The "new" GM will assume $48.4 billion in obligations from the old company,
Gerber noted in his order.

The judge also said that the new automaker will provide the old company's
unsecured creditors equity and warrants worth between $7.4 billion and $9.8
billion - more than creditors would likely have received if GM liquidated.

Gerber gave the financial sketch of the reorganized GM in explaining why the
transaction he approved Sunday was the best possible outcome for creditors,
including asbestos and personal injury claimants who protested the deal.

The claimants can take their complaints to the U.S. District Court, but
Gerber said he would not allow the appeals to prevent the sale from closing
this week.

GM is now poised to complete a transaction that would split off its good
assets to a new company owned largely by the U.S. government while leaving the
rest to be wound down in bankruptcy.

The U.S. will own 60.8% of the new company. The United Auto Workers health
care fund will get a 17.5% stake, with 11.7% going to Canada. The GM left in
bankruptcy will get a 10% stake plus warrants to acquire more to pay off
unsecured creditors.

Under GM's sale, asbestos claimants and accident victims would be blocked
from going after the new, restructured GM for compensation, although those in
accidents that occur after the sale closes can sue the new GM. Opponents say
the restriction violates bankruptcy law.

But in his opinion rejecting the appeals, Gerber said the transaction was not
only in the best interest of GM creditors, but for the society as a whole.

"If GM were to have to liquidate, the injury to the public would be
staggering," Gerber said.

He referenced the potential losses of jobs and healthcare coverage for GM's
225,000 employees worldwide and 500,000 retirees, the staggering impact that
would have on local tax bases, and the fallout throughout the auto industry. If
GM were allowed to fail, Gerber said the number of supplier bankruptcies would
"multiply exponentially."

"Under these circumstances, I find it hardly surprising that the U.S.,
Canadian, and Ontario governments would not stand idly by and allow those
consequences to happen," Gerber said in court papers.