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| Version 2 | Version 3 |
|---|---|
| General Motors 'exits bankruptcy' | General Motors 'exits bankruptcy' |
| (10 minutes later) | |
| General Motors (GM) has emerged from bankruptcy after signing a deal allowing it to sell its best assets to a "new GM", reports say. | General Motors (GM) has emerged from bankruptcy after signing a deal allowing it to sell its best assets to a "new GM", reports say. |
| News agencies, quoting unnamed sources, reported that the US government and GM signed the documents at 1030 GMT, ending its 40-day bankruptcy. | News agencies, quoting unnamed sources, reported that the US government and GM signed the documents at 1030 GMT, ending its 40-day bankruptcy. |
| Official confirmation is expected when GM holds a news conference later. | |
| The new, leaner GM will own the company's key assets such as Buick and will be 61% owned by the US government. | The new, leaner GM will own the company's key assets such as Buick and will be 61% owned by the US government. |
| GM is in the process of selling off its other brands such as Hummer, Saab and its GM Europe arm, which owns Vauxhall and Opel. | GM is in the process of selling off its other brands such as Hummer, Saab and its GM Europe arm, which owns Vauxhall and Opel. |
| NEW GM'S BRANDS ChevroletGMCCadillacBuick Biggest carmaker to biggest bankruptcy | |
| GM filed for bankruptcy protection on 1 June, saying it would be forced to liquidate if the plan was not approved. | GM filed for bankruptcy protection on 1 June, saying it would be forced to liquidate if the plan was not approved. |
| Strongly supported by President Barack Obama, GM's bankruptcy process was two days faster than crosstown rival Chrysler Group. | |
| Smaller and leaner | |
| A new, smaller GM is being created with a reduced workforce, smaller dealer network and less debt. | A new, smaller GM is being created with a reduced workforce, smaller dealer network and less debt. |
| BRANDS TO GO Pontiac*Saturn#Saab#Hummer#Opel#Vauxhall# *= to be discontinued/# = to be sold | |
| It will operate the strongest parts of the old company, with only its Chevrolet, Cadillac, Buick and GMC brands remaining. | It will operate the strongest parts of the old company, with only its Chevrolet, Cadillac, Buick and GMC brands remaining. |
| The firm is getting $60bn (£37.3bn) in financing from the US Treasury, which gives the US government a 61% share in the new GM, while the United Auto Workers union will have 17.5%. | The firm is getting $60bn (£37.3bn) in financing from the US Treasury, which gives the US government a 61% share in the new GM, while the United Auto Workers union will have 17.5%. |
| Canada's government will have a 12% share and GM bondholders will own about 10% in the new company. | Canada's government will have a 12% share and GM bondholders will own about 10% in the new company. |
| The US government has said it does not want to be involved in the day-to-day running of GM. |