General Motors (GMGMQ) expects to close on the sale of its assets to the “New GM” sometime before 9 a.m. Eastern time Friday.

GM has scheduled a 9 a.m. press conference with CEO Fritz Henderson and new board chairman Ed Whitacre, where the announcement is expected. The closing of the sale should take place before that, a person familiar with the matter told FOX Business.

GM, which is currently in bankruptcy proceedings, is planning to create a “New GM” with its best assets, while other assets will be sold or disposed of in other ways over time.

The Obama Administration has said that New GM would “have far less debt and a world class balance sheet.”

"We are pleased that General Motors is now free to emerge from bankruptcy and are confident that we can work expeditiously with the company to close the sale on July 10," a Treasury Department spokesperson said on Thursday.

The government has been heavily involved with the U.S. auto industry since the waning days of George W. Bush’s Presidency, as auto makers GM and Chrysler teetered on the brink of failure and were given government money as bridge loans to keep them afloat. The Obama Administration created a task force to deal with the auto industry, headed by money manager Steve Rattner.

See our General Motors page for the latest news and videos on the bankrupt auto maker.

The Treasury Department is providing $30.1 billion to GM from the Troubled Asset Relief Program for this restructuring effort, which the Administration says is the last infusion of money it expects to make into the auto maker.

The U.S. government will receive $8.8 billion in debt and will get a 60% stake in the New GM. The governments of Canada and Ontario are lending $9.5 billion to GM and New GM, and in exchange are getting $1.7 billion in debt and preferred stock, as well as 12% of the equity in the New GM. An independent trust that will pay for GM retiree health care will get 17.5% of the equity in New GM, with warrants to buy another 2.5%.

The Obama Administration has emphasized that it intends to exit from its ownership stake in GM as quickly as possible.

Separately, retiring Vice Chairman Bob Lutz is returning to GM in a new capacity, according to a person familiar with the matter.

GM CEO Henderson will do a Web chat from 4 p.m. to 4:30 p.m. ET on Friday at fastlane.gmblogs.com and gmreinvention.com.  The chat will be open to the media and general public. Following the Web chat, Henderson will host a Twitter chat from 4:30 p.m. to 5:00 p.m. ET. As with the Web chat, this chat will be open to the media and general public.

GM stock continues to trade over the counter, though analysts -- and even GM itself -- have emphasized that it’s highly unlikely that common shares will have any value at all with the restructured company.

--Rich Edson contributed to this article.