GM leaves bankruptcy protection

General Motors has announced it has left bankruptcy protection, following the sale of the best assets of the company to form a 'new GM'. The new General Motors Company begins operations today with a new corporate structure, fewer dealerships and less debts.GM is in the process of selling off some of its other assets including the Hummer, Saab, Vauxhall and Opel brands."Today marks a new beginning for General Motors, one that will allow every employee, including me, to get back to the business of designing, building and selling great cars and trucks and serving the needs of our customers," said Fritz Henderson, president and CEO. "We are deeply appreciative for the support we have received during this historic transformation, and we will work hard to repay this trust by building a successful new General Motors."Created from the old GM's strongest operations in an asset sale approved by the bankruptcy court on July 5, the new GM is built on four remaining core brands in the U.S: Chevrolet, Cadillac, Buick and GMC cars and trucks.GM restructuring process, which leaves the US government in posession of 60.8per cent of the company's assets, was completed in record time for a company of its size."One thing we have learned from the last 100 days is that GM can move quickly and decisively," said Henderson. "Today, we take the intensity, decisiveness and speed of the past several months and transfer it from the triage of the bankruptcy process to the creation and operation of a new General Motors."Business as usual is over at GM," said Henderson. "Today starts a new era for General Motors and everyone associated with the company. Going forward, the new General Motors is fully committed to listening to customers, responding to consumer and market trends, and empowering the people closest to the customer to make the decisions. Our goal is to build more of the cars, trucks, and crossovers that customers want, and to get them to market faster than ever before."General Motors Company is primarily owned by the governments of the United States, Canada and Ontario, and by a trust fund providing medical benefits to UAW retirees. Specifically, 60.8 per cent OF common stock will be owned by the U.S. Department of the Treasury, 17.5 per cent by UAW Retiree Medical Benefits Trust, 11.7 per cent Canada and Ontario governments and 10 percent by the old GM."We are very appreciative of the support provided by the stakeholders through the transformation process. Though General Motors Company will not initially be publicly traded, we will be transparent in our financial and other reporting to further strengthen trust and confidence," said Henderson. "We expect to take the company public again as soon as practical, starting next year, and to repay our government loans as soon as possible. We are required to pay off the loans by 2015, but our goal is to repay them much sooner."

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