GM escapes bankruptcy
Published:Friday | July 10, 2009 | 5:54 PM
US car company General Motors (GM) said it has emerged from bankruptcy after downsizing.
The company will now maintain only its best assets. GM will keep four key brands including its Cadillac line. However, other brands like Hummer and Saab will be sold.
The company will be 61 per cent owned by the US government.
GM Chief Executive, Fritz Henderson said the company initially intended to go under to European ownership.
However, he said the company can now stay afloat with a reduced workforce, a smaller dealer network and less debt.