DETROIT — On the heels of General Motors announcing it received bankruptcy court approval to sell its assets to a new company, GMAC Financial Services announced its reaction.

The company indicated that it has been notified that the U.S. Bankruptcy Court has approved the sale of assets of GM Corp. to an entity sponsored by the U.S. Treasury. This sale is expected to be completed after a four-day stay, which was ordered by the judge.

"In conjunction with the closing of the sale, the contracts GM has with GMAC will be transferred to the new GM entity," officials stated.

"GMAC is pleased to conduct its business operations with the new GM entity and to be part of the solution to stabilize and strengthen the U.S. auto industry," they concluded.