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| General Motors exits bankruptcy |
| Press Trust of India / New York Jul 10, 2009, 19:31 IST |
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 General Motors today steered out of bankruptcy and the restructured firm came into existence with the promise of launching a fresh lineup of cars under its core brands Chevrolet, Cadillac, Buick and GMC.
The auto maker entered into bankruptcy on June 1 after being severely hit by falling sales due to the global economic slowdown and it took 40 days for it to complete the restructuring process.
The restructured entity, in which the US government holds 60.8 per cent stake, would be known as General Motors Company and has a stronger balance sheet, the car maker said in a statement.
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The workers union -- UAW Retiree Medical Benefits Trust -- would be having 17.5 per cent stake, while the Canadian and Ontario governments would be having 11.75 per cent.
"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," the car maker's President and Chief Executive Fritz Henderson said.
"Today starts a new era for General Motors and everyone associated with the company. Our goal is to build more of the cars, trucks, and crossovers that customers want, and get them to market faster than ever before," Henderson said.
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