New General Motors emerges from bankruptcy - Spokane, North Idaho News & Weather KHQ.com

New General Motors emerges from bankruptcy

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WASHINGTON. - After just 40 days, General Motors has emerged from bankruptcy a new company with new owners.

The new GM is more than 60 percent owned by the U.S. government and a much smaller version of its former self, leaving massive debt and many contracts behind in bankruptcy and starting over with plans to shed 13 U.S. plants, 27,000 jobs and almost 2,000 dealerships.

GM is also in the process of selling Saturn, Saab and Hummer while it stops producing Pontiac, leaving the company to focus on just four U.S. brands; Chevy, Buick, Cadillac and GMC.

These are tough times in the car business. In the midst of a sales slump, the company has already suffered decades of market share losses and must now try to win back the American consumer.

Difficult tasks, even with a fresh start.
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