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GM Exits from Bankruptcy

HeadlineJul 10, 2009

The era of a new General Motors began today as the carmaker officially left bankruptcy and sold its most desirable assets to a new government-backed company. The move is seen as a major step in GM’s turnaround. The federal government will hold nearly 61 percent of the new company, with the Canadian government, a healthcare trust for the United Auto Workers union and bondholders owning the balance. GM filed for Chapter 11 on June 1.

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