GM comes out of bankruptcy - South Florida Business Journal:

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Officials from GM and the federal government signed the necessarty paperworkat 6:30 a.m. at the officews of Weil, Gotshal & Manges, the company's chief bankruptcty counsel. The signing ended 40 days undert Chapter 11bankruptcy protection, a period that began on June 1. “Ond thing we have learned from the last 100 days is that GM can move quickltand decisively,” said Fritsz Henderson, president and CEO during a speech Friday. we take the intensity, decisiveness and speed of the past severap months and transfer it from the triaged of the bankruptcy process to the creation and operation of a newGeneral Motors.
" GM will not initiall be publicly traded, but Henderson said they expectf to take the company public again as soon as practical, startinv next year, and to repay government loanw as soon as possible. GM, he said, is requirec to pay off the loansby 2015, "bu t our goal is to repay them much he said. The federal government holds 61 percent of thenew , The new GM will focue its resources on four core Chevrolet, Cadillac, Buick and GMC and will have a totalk of just 34 U.S. nameplates by 2010. Other General Motorsw brands, such as Hummer, Opel, Pontiac, Saturn, have been sold or are in the procesa ofbeing sold.
In May, the company accelerated its dealertconsolidation efforts, with the goal of reducing the numbef of dealers in the U.S. from 6,000o this spring to approximately 3,600 by the end of next John McEleney, chairman of the , callecd the bankruptcy "a difficult and wrenching procese foreveryone involved," but addedr that its ability to get out of bankruptchy so quickly was a "goo thing." "This will now alloe GM dealers to focus their full attention on sellingg and servicing GM products. This also helps restore some certaintyto GM's future which will help stabilizs the entire auto McEleney said.
He added that his association will continue to pursue legislatiohn to protect state franchise laws and othee relief for GMdealerz "adversely affected by this process."