New GM Officially Exits from Bankruptcy Protection

On Thursday General Motors cleared the final hurdle for selling most of its assets to create the New GM which is primarily owned by the governments of the United States (60.8 percent), Canada and Ontario (11.7 percent), and by a trust fund providing medical benefits to UAW retirees (17.5 percent) while the 'Old GM' retains a 10 percent stake.

"Business as usual is over at GM," said Fritz Henderson, president and CEO of the New GM. "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," Henderson added.

"Business as usual is over at GM," said Fritz Henderson, president and CEO of the New GM. "Today starts a new era for General Motors and everyone associated with the company. Going forward, the new General Motors is fully committed to listening to customers, responding to consumer and market trends, and empowering the people closest to the customer to make the decisions. Our goal is to build more of the cars, trucks, and crossovers that customers want, and to get them to market faster than ever before."

General Motors, which will continue with four brands (Chevrolet, Cadillac, Buick and GMC) after the phase-out of Pontiac and the sale of Saab and Saturn, will have a total of 34 U.S. nameplates by 2010.

The company said that the fewer but better entries will enable the "New GM to put more resources into each nameplate, resulting in better products and stronger marketing."

General Motors is also cutting down on its dealerships as the company plans to reduce the number of its US dealers from 6,000 this spring to around 3,600 by the end of 2010.