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GM emerges from bankruptcy

A person briefed on the matter says General Motors Corp. has emerged from bankruptcy protection after signing papers to transfer the bulk of its assets to a new, leaner company majority-owned by the U.S. government.

FILE - In this Dec. 12, 2008 file photo, the General Motors logo is seen outside the GM headquarters in downtown Detroit. General Motors Corp. has agreed to take on responsibility for future product liability claims, according to documents filed in federal bankruptcy court in New York on Friday June 26, 2009. The new company will now assume responsibility for future claims involving vehicles made by the old company. (AP Photo/Carlos Osorio, File)

DETROIT (AP) - A person briefed on the matter says General
Motors Corp. has emerged from bankruptcy protection after signing
papers to transfer the bulk of its assets to a new, leaner company
majority-owned by the U.S. government.
The person, who asked to remain anonymous because the action
hasn't been officially announced, said Friday the action came at
6:30 a.m. EDT Friday.
One bankruptcy expert called GM's 40-day case the fastest ever
for a company of its size.
The new GM is a smaller company that is less burdened by the
staggering debt that nearly sent it to liquidation.


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