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July 10, 2009

GM Exits From Bankruptcy
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The era of a new General Motors began today as the carmaker officially
left bankruptcy and sold its most desirable assets to a new
government-backed company. The move is seen as a major step in GM’s
turnaround. The federal government will hold nearly 61 percent of the
new company, with the Canadian government, a health care trust for the
United Auto Workers union and bondholders owning the balance. G.M. filed
for Chapter 11 on June 1.



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