by Calculated Risk on 7/10/2009 08:53:00 AM

Here is the press conference at 9 AM ET:

From the NY Times: With Sale of Its Good Assets, G.M. Tries for a Fresh Start

General Motors completed a major step in its turnaround on Friday and closed the sale of its good assets to a new, government-backed carmaker....

G.M.’s sale of its desirable assets, including brands like Chevrolet, Cadillac and GMC, to the new company — now named Vehicle Acquisition Company but soon to be renamed the General Motors Company — is meant to shed decades of buckling liabilities. The federal government will hold nearly 61 percent of the new company ...

The new company will be much smaller, with brands like Saturn, Hummer, Opel and Pontiac in the process of being sold or closed.

That was fast!