GM No Longer in Chapter 11
GM's chapter 11 days came and went faster than a Chevy Corvette. GM filed for Chapter 11 bankruptcy protection on June 1, 2009, and a judge's ruling allowing the sale of GM's assets became effective today.
GM's assets were sold to NGMCO, Inc., an entity funded by the U.S. Department of the Treasury. After this deal NGMCO will change its name back to General Motors Company and the old GM will be known as Motors Liquidation Company.
The new GM will be headquartered in Detroit with Fritz Henderson as president and chief executive officer and Edward E. Whitacre, Jr. as chairman of the board of directors.
"A healthy domestic auto industry remains vital to the global economy and we deeply appreciate the support the U.S., Canadian and Ontario governments and taxpayers have given GM, and the sacrifices that have been made by so many," said Henderson. "Now it's our responsibility to fix this business and place the company on a clear path to success without delay."
With the worst auto sales market in over 25 years, the new GM has its work cut out for it. But come on--who doesn't love a Camaro!