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Each member of the board who is not a GM employee will be paid $200,000 annually for their services

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Much talk over the messiness of so-called 'surgical' bankruptcies has spun about the web, and before Chrysler and General Motors went into the process, there was a lot of doubt that they'd be out within the planned 60 days. But Chrysler is already working with Fiat and now GM sees itself possibly setting up the New GM shop by July 15.

There are still several technical hurdles to clear in the mean time, however. And much of the process is out of GM's hands, reports the Wall Street Journal. Much of the remaining work rests on the shoulders of the bankruptcy judge, which will have to clear the remaining issues by July 1 in order to meet a July 15 date for the Section 363 sale.

Once GM is out of bankruptcy - whether that's in mid-July or early August or later - is when the real work will begin. Shedding the least profitable/most costly portions of its business is just the first step toward rebuilding a corporate model that can succeed both in the U.S. and around the world.

Read our previous coverage for more on GM's restructuring plans and what will happen post-bankruptcy.