General Motors emerges from bankruptcy
10 July 2009
The new General Motors Company began operations today, leaving the bankrupt general Motors behind. The New GM boasts of a new corporate structure, a stronger balance sheet, and a renewed commitment to make the customer the center of everything the new GM does.
"Today marks a new beginning for General Motors, one that will allow every employee, including me, to get back to the business of designing, building and selling great cars and trucks and serving the needs of our customers," Fritz Henderson, president and CEO, said in a press release.
"We are deeply appreciative for the support we have received during this historic transformation, and we will work hard to repay this trust by building a successful new General Motors," he added.
The new General Motors was created from the old GM's strongest operations after an asset sale approved by the bankruptcy court on 5 July.
It has four core brands in the US and the largest network in the country, the release said.
The new GM will focus on a fresh lineup of Chevrolet, Cadillac, Buick and GMC cars, trucks and crossovers, each with leading-edge designs and technologies that matter to both consumers and the environment, the release said.
The new GM also boasts of a "competitive cost structure, a cleaner balance sheet, and a stronger liquidity position that will enable it to invest in new products, key technologies, and its future."