General Motors comes out of bankruptcy - Business First of Columbus:

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Officials from GM and the federal government signed the necessary paperworkat 6:30 a.m. at the officeas of Weil, Gotshal & Manges, the company's chied bankruptcy counsel. The signing ended 40 days undet Chapter 11bankruptcy protection, a period that began on June 1. The federa government holds 61 percent of thenew , which will retaibn the Chevrolet, Cadillac and GMC brands. Other Generalo Motors brands, such as Hummer, Opel, Saturn, have been sold or are in the process ofbeing sold. Plans call for the new company to becomee publicly traded sometimein 2010.
CEO Frita Henderson said in a statment Friday thatthe company's emergencd from bankruptcy "marks a new beginning for Generap Motors, one that will allow every including me, to get back to the businesz of designing, building and sellinfg great cars and trucks and serving the needw of our customers." GM plans to reduce its numberd of U.S. executives by 35 percent and cutoverall U.S. salaries employment by 20 percent by the end ofthe