Our man on the ground has passed along a few documents from GM’s first day filings in bankruptcy court. And it seems that Fritz Henderson’s “Faster, Pussycat Kill! Kill! Kill!” strategy is for real. This looks to be one mother of a fast bankruptcy. As the sale agreement states, “Consumers must have confidence in GM’s products, i.e., that a new GM will exist in the future so that it can stand behind its products. It is in this context that the timing of the transformation of the assets, in connection with the approval of the sale, becomes critical.” The fact that GM is filing a sale agreement on its first day shows that speed is the critical factor. Even Chrysler’s relatively rapid sojourn in Chapter 11 didn’t start with a sale proposal on the first day. Debtor-In-Possession financing has been lined up as well (big hand for your US taxpayers), including an expected $950 million “wind-down” loan. The lawyer carve-out is also limited to $20 million. Hit the jump to find out how it all could go wrong (but probably won’t).

According to the DIP filing, “Case Milestones” include:

(i) June 3, 2009: deadline to file motion to approve 363 Transaction (as defined below);

(ii) June 5, 2009: deadline for commencing hearing on motion to approve bidding procedures; (

iii)July 10, 2009 deadline for entry of Sale Order;

(iv) an agreed upon date after August 15, 2009 but not to later than September 15, 2009: deadline for closing of
363 Transaction.

If these milestones aren’t met, GM would be in default of its US Treasury debtor-in-posession loans. Liquidation would likely ensue. We are working to parse more of this huge volume of information, but in the meantime, have a look yourself.

Master Sale Agreement (PDF).

Sale agreement (PDF).

DIP Financing (PDF).