Source: GM emerges from bankruptcy - WKOW 27: Madison, WI Breaking News, Weather and Sports

Source: GM emerges from bankruptcy


DETROIT (WKOW) -- General Motors is beginning a new chapter Friday, after sources say the troubled automaker has emerged from bankruptcy protection.

Someone briefed on the matter, who asked to remain anonymous, told the Associated Press GM execs signed papers early Friday to transfer the bulk of its assets to a new, leaner company that is majority-owned by the government.

The automaker has already closed factories and eliminated brands, and another 4,000 white-collar jobs are expected to be cut Friday.

The U.S. Government, which has provided some $50 billion in financing, will receive a 60 percent stake in the new company.

One bankruptcy expert called GM's 40-day case the fastest ever for a company of its size.



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