The newly restructured General Motors has emerged from bankruptcy proceedings after an all-night session doing the legal paperwork necessary to transfer all the valuable assets from the old company to the new one, the Associated Press reports:
The massive transfer of factories, money and intellectual property was completed about 6:30 a.m., according to a person briefed on the situation, clearing the way for a smaller and faster company better equipped to compete in the brutally tough global automotive market.
The person, who asked to remain anonymous because the deal wasn’t announced officially, said the signing meant the new GM had emerged from bankruptcy.
One bankruptcy expert called GM’s 40-day case the fastest ever for a company of its size.
Clearly, the administration used the Chrysler bankruptcy as a test case for this larger one and learned from their mistakes, paving the way for an incredibly fast transition. That’s why GM emerged from bankruptcy two days faster than Chrysler despite being a larger and far more complicated case.
This is good news for Michigan workers and communities; the sooner the factories are reopened and people are put back to work, the better for all involved.