Sources say GM emerges from bankruptcy - WAOW - Newsline 9, Wausau News, Weather, Sports

Sources say GM emerges from bankruptcy


DETROIT (AP) -- A person briefed on the matter says General Motors Corp. has emerged from bankruptcy protection after signing papers to transfer the bulk of its assets to a new, leaner company majority-owned by the U.S. government.

The person, who asked to remain anonymous because the action hasn't been officially announced, said Friday the action came at 6:30 a.m. EDT Friday.

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

The new GM is a smaller company that is less burdened by the staggering debt that nearly sent it to liquidation.

Online Reporter: Kelsi Schindler

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