GM says if sale not approved it could liquidate
(Recasts with arguments from GM lawyer, details)
* GM seeks court approval for sale
* GM lawyer says company losing market share
* Dissenting bondholder group asks Judge to block sale
By Emily Chasan and Phil Wahba
NEW YORK, July 2 (Reuters) - General Motors Corp GMGMQ.PK would be forced into liquidation if its proposed asset sale were not approved despite urging from dissident bondholders that another course be pursued, the company's lead bankruptcy lawyer said on Thursday.
The iconic U.S. automaker was in the third and final day of its sale hearing in U.S. bankruptcy court in Manhattan, asking Judge Robert Gerber for approval to sell its best assets to a "New GM" funded by the U.S. government.
A group of dissenting bondholders, however, called the sale the first attempt at "Chapter 11 nationalization" and said it should be blocked because the government was trying to circumvent the law. Continued...
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