Originally published by the Voice of America (www.voanews.com).
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July 10, 2009

New GM Emerges From Bankruptcy
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http://enews.voanews.com/t?ctl=2543755:A6F02AD83191E160F1C1D3A3526AF3E430EB2FA2E66CBB22&
 
Officials say automaker signed court papers early Friday, completing
sale of its best, most profitable parts to new company, 61 percent owned
by US government 
Sign inside General Motors, Global Headquarters in Detroit, Michigan
U.S. auto giant General Motors is speeding out of bankruptcy after just
40 days, promising to build vehicles that will create the most excited
and loyal customers in the industry. GM Chief Executive Fritz
Henderson says the "business as usual" philosophy that dominated the
old GM is gone. He says the new, leaner GM will be dedicated to
building "best in class" cars and trucks that people want. The
automaker signed court papers Friday completing the sale of its best,
most profitable parts to a new company, shedding half of its brands and
thousands of jobs. Henderson also promised a new focus on making
the car-buying experience easier for customers, announcing a
partnership with e Bay, a U.S.-based Internet commerce site that allows
people to bid on items in auctions or buy them at a fixed price. The new
GM is 61 percent owned by the U.S. government. Henderson
says two of the new company's goals are to become a publicly held
company next year and to pay back $50 billion in U.S. government loans
long before the 2015 deadline. U.S. President Barack Obama has
said the bankruptcy process was a painful but necessary step for GM.
The Obama administration has also said it will not interfere in the
day-to-day operations of the automaker. The Canadian government,
which has also provided aid to the automotive giant, as well as the
United Auto Workers labor union and unsecured bondholders own about 39
percent of the new GM.The new company - still the largest
automaker in the United States - faces a formidable challenge. Last
month, the old GM saw sales plunge 34 percent, continuing a slump in
sales sparked by higher fuel prices and the global recession. GM
officials say the new company will focus on just its four core brands -
Chevrolet, Cadillac, Buick and GMC - and an obsession on customer
satisfaction. Henderson told reporters "if we do not get this right,
nothing else is going to work. It is that simple." He also said
designers will focus on fuel-efficient technologies. GM says it plans to
launch 27 new cars in the next 18 months. 


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