GM (GM) Emerges From Bankruptcy
Up)
General Motors (NYSE: GM) (OTC: GMGMQ) emerged from bankruptcy at 6:30AM this morning, according to published reports, after just 40 days in bankruptcy court. The speed of the GM's emergence from bankruptcy is being called "breathtaking" by many familiar with the bankruptcy reorganization process.
General Motors President and CEO Fritz Henderson will host a press conference today at 9AM to update the media on GM business activities.
A large management reshuffling and new board of directors is expected to be announced with the news. Bob Lutz is expected to stay on with the company.
GM is exiting bankruptcy as a significantly trimmed down company. The company's debt loan has been reduced from $176 billion to $48. It will go with just four brands: Chevrolet, Cadillac, Buick and GMC. It also plans to cut its workforce to 68,500 employees by year end, down from 91,000.
The 'New GM' will be known as General Motors Co.. A logo change to a green background has also been rumored.
General Motors President and CEO Fritz Henderson will host a press conference today at 9AM to update the media on GM business activities.
A large management reshuffling and new board of directors is expected to be announced with the news. Bob Lutz is expected to stay on with the company.
GM is exiting bankruptcy as a significantly trimmed down company. The company's debt loan has been reduced from $176 billion to $48. It will go with just four brands: Chevrolet, Cadillac, Buick and GMC. It also plans to cut its workforce to 68,500 employees by year end, down from 91,000.
The 'New GM' will be known as General Motors Co.. A logo change to a green background has also been rumored.
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