It wasn’t designed to last long, but this could be right up there with the speediest bankrupcties ever. A leaner GM today emerged from bankruptcy a little more than a month after it filed, promising to repay taxpayers as it brings customers back and attracts new ones. The AP reports today:
Once the world’s largest and most powerful automakers, new GM is now cleansed of massive debt and burdensome contracts that would have sunk it without federal loans. The U.S. government owns a majority stake although the Obama administration says it has no plans to run the automaker.
The new GM also emerges amid the worst sales slump in a quarter-century.
At a news conference, CEO Fritz Henderson said the new GM will be faster and more responsive to customers than the old one and it will make money and repay government loans faster than required.
Read the rest of the story here and a timeline of GM’s struggles and comeback here.