General Motors To Unload Its Jets

 - June 29, 2009, 11:58 AM

In U.S. Bankruptcy Court on June 18, General Motors won approval to end the leases on its fleet of jets, which includes two Gulfstream Vs and five Gulfstream IVs. The court also voided the automaker’s lease on a hangar at Detroit Metropolitan Airport. No one contested the court’s decisions; in fact, a lawyer for GM’s unsecured creditors supported them. General Motors’ jets have been the subject of much criticism since last November, when then chairman and CEO Richard Wagoner and his counterparts at Chrysler and Ford all used corporate aircraft to fly to Washington to testify before Congress about their companies’ financial woes.