Friday July 10, 2009
Navivest
General Motors emerged from bankruptcy protection today, a new company that was formed on July 5, after the old GM was basically separated into two, with the old company retaining most of the liabilities, while the strongest assets were sold to the new company.
The company will now focus on just four core brands in the United States that will consists of Chevrolet, Cadillac, Buick and GMC.
According to President and CEO Fritz Henderson, “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.”
The U.S. government owns 60.8% of the new GM, the United Auto Workers retiree medical trust owns 17.5%, the Canadian and Ontario governments own 11.7% and the old GM owns 10%.
