DETROIT – The new General Motors will be faster and more responsive to customers than the old one, and it will make money and repay government loans faster than required, CEO Fritz Henderson said Friday as a leaner version of the automaker emerged from bankruptcy protection.
The bulk of General Motors Corp.'s assets were transferred to a company controlled by the U.S. government.
Once the world's largest and most powerful automaker, new GM is now cleansed of massive debt and burdensome contracts that would have sunk it without federal loans.
But the new GM also emerges amidst the worst sales slump in a quarter-century............................................................."If we don't get this right, nothing else is going to work," he said during a morning news conference at GM's Downtown Detroit headquarters. "Business as usual is over at General Motors."(SOURCE:YAHOO NEWS)
I do not know whether any of you saw Obama announcement of $50 billion bailout for GM motors but he sure as hell looked grim and never made the speech eloquent.Just,a short sort of note about the bailout and he was gone.But I am pleased that it is helping and someday I can see that company again becoming the largest motor company again(Toyota beat the hell out of GM in 2008)
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