Now that a federal court has divided up “good” and “bad” assets from General Motors, the so-called New GM says it plans to exit bankruptcy by the end of this week.
“We expect the sale to close immediately after the appeal process is exhausted later this week, and for the new GM to be operational and fully competitive, with an exciting line of new products, a smaller and more focused brand portfolio, and a clear mission to put the customer first in everything we do,” GM CEO Fritz Henderson said in a prepared statement made on the company’s blog this morning.
“Our focus in recent weeks has been on creating a new company from the strongest parts of the old GM, and on doing it with transparency and speed. This has been an especially challenging period, and we’ve had to make very difficult decisions to address some of the issues that have plagued our business for decades,” Henderson said.
“We have, in effect, been fixing our bike while we ride it. Now the repair work is almost done, and we’re steering the company back onto a path to viability and success. We’re ready for the challenge, and prepared to ride as fast as we can.”
