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| GM leaves bankruptcy protection | GM leaves bankruptcy protection |
| (20 minutes later) | |
| General Motors (GM) says it has emerged from bankruptcy protection after creating a "new GM" made up of the carmaker's best assets. | General Motors (GM) says it has emerged from bankruptcy protection after creating a "new GM" made up of the carmaker's best assets. |
| GM chief executive Fritz Henderson said it was the beginning of a "new era". | GM chief executive Fritz Henderson said it was the beginning of a "new era". |
| The new, leaner GM will own four key brands including Cadillac and will be 61% owned by the US government. | The new, leaner GM will own four key brands including Cadillac 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. |
| Mr Henderson said that GM would take the "intensity, decisiveness and speed" of the bankruptcy process and apply it to the new company. | Mr Henderson said that GM would take the "intensity, decisiveness and speed" of the bankruptcy process and apply it to the new company. |
| "We will be profitable, we will repay our loans as soon as possible and our cars and trucks will be among the best in the world," he said. | |
| NEW GM'S BRANDS ChevroletGMCCadillacBuick What the changes mean for GM | NEW GM'S BRANDS ChevroletGMCCadillacBuick What the changes mean for GM |
| A smaller GM is being created with a reduced workforce, smaller dealer network and less debt. | |
| The new GM will operate with 27,000 fewer US employees and operate 13 fewer US car plants compared with last year. | |
| 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. |
| Loans to be repaid | |
| GM said it planned to repay its government loans before the current 2015 deadline. | |
| BRANDS TO GO Pontiac*Saturn#Saab#Hummer#Opel#Vauxhall# *= to be discontinued/# = to be sold | |
| 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. |
| GM said it hoped to float the company on the stock exchange again "as soon as practical". | |
| The US government has said it does not want to be involved in the day-to-day running of the carmaker. | |
| The company also said it was exploring a partnership with online auction site eBay to make it easier for customers to buy its cars. | |
| Rocky road ahead | |
| GM filed for bankruptcy protection on 1 June, saying it would be forced to liquidate if the plan was not approved. | |
| The plan was strongly supported by President Barack Obama and GM's 40-day bankruptcy ended two days earlier than that of its cross-town rival Chrysler. | |
| However, it is unlikely to be smooth sailing for the two carmakers. | |
| US car sales have been hit hard as the financial crisis has made it harder to get credit and made consumers reluctant to make big purchases. | |
| During the past six months, car sales in the US have fallen by more than 30%, while in Japan they have declined 20%. |