GM gets OK to nix corporate jet leases
Bankruptcy court grants the troubled automaker permission to reject aircraft leases on 7 company jets.
NEW YORK (Reuters) -- A U.S. bankruptcy court Thursday granted a motion by automaker General Motors Corp. to reject aircraft leases on seven corporate jets.
The leases are from a division of General Electric (GE, Fortune 500), according to a copy of the court order.
U.S. Bankruptcy Judge Robert Gerber in Manhattan granted the motion during a hearing on Thursday that lasted less than 10 minutes.
General Motors filed for bankruptcy on June 1 and is aiming to emerge as a new company within a few months.