GM Exits Bankruptcy
The New York Times reports, "General Motors completed a major step in its turnaround on Friday and closed the sale of its good assets to a new, government-backed carmaker, at a speed unimagined by auto and bankruptcy experts even six months ago."
According to the Washington Post, "General Motors officials are planning to announce the launch of "the new GM" [this] morning, after the automaker was cleared at noon [Thursday] to emerge from bankruptcy."
The end of its bankruptcy and the sale of its good assets means that, technically, GM as we have known it ceases to exist. The New York Times explains, "G.M.'s sale of its desirable assets, including brands like Chevrolet, Cadillac and GMC, to the new company - now named Vehicle Acquisition Company but soon to be renamed the General Motors Company - is meant to shed decades of buckling liabilities." CNNMoney says, "Other holdings, contracts and liabilities that GM wanted to shed as part of the bankruptcy process will be held by the old company, now to be known as Motors Liquidation Co."
GM Exits Bankruptcy - U.S. News Rankings and Reviews
It is also being reported that GM expects to repay the 50 billion in loans early.
Re: GM Exits Bankruptcy
We now all own a car company. I know that is something that I have always dreamed about and now it has come true.
Cheers to All!