You might remember the fuss that was created last November after it was revealed that Detroit's Big Three CEOs flew into Washington to ask Congress for a few billion dollars in loans on separate luxury jets. Well, the "New GM" won't have any jets as the U.S. Bankruptcy court approved the automaker's request to cancel the leases on its fleet of seven private jets and a hangar that was used to store them at the Detroit Metropolitan Airport. The General's private fleet consisted of two range-topping Gulfstream V jets leased from Suntrust Leasing Corp. since 2001 and five Gulfstream IVs leased from AVN Air LLC since 2007. According to a report from Automotive News, the hanger alone cost GM $488,000 a year to rent. Yep, from now on, it's only commercial flights for GM's executives.Via: AN (Sub. Req.)
