GM Set To Exit Bankruptcy
July 9, 2009
After following rival carmaker Chrysler Corporation into bankruptcy, General Motors won approval to move out of bankruptcy and continue selling off some of its divisions. A spokesman for the company expects the sale of the assets for the new GM will be completed today, making the companies 39 days in bankruptcy the shortest time on record for a company its size.
Of course the company was helped along by the federal government, which provided its bankruptcy financing.
The new GM will include only four nameplates, Chevrolet, Buick, Cadillac and GMC. The company is in the process of selling its Hummer, Saab, Saturn and Opel units. It will discontinue the Pontiac brand by years end.
Many have criticized the company’s trek into bankruptcy and are calling the new company “Government Motors”. The federal government will own a majority stake in the new GM, but Obama administration officials have said repeatedly that they will not participate in the daily operation of the company. (Yeah right!)
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