'New GM' exits bankruptcy

July 10 - A new General Motors emerged from bankruptcy protection on Friday, far more quickly than most industry watchers had expected, as a leaner automaker aiming to win back American consumers and pay back taxpayers.

SOUNDBITE: GM Chief Executive Fritz Henderson

A whirlwind 40-day bankruptcy for GM concluded with the closing of a deal that sold key operations and core brands, including Chevrolet and Cadillac, to a new company that will be majority owned by the U.S. Treasury.

The deal was signed between the government and GM executives at the law firm of Weil, Gotshal & Manges, the company's chief bankruptcy counsel, a source familiar with the company said.

Chief Executive Fritz Henderson appeared at a news conference at the automaker's Detroit headquarters to mark the launch of the new company.

The automaker's U.S. sales dropped 36 percent during June when it was mired in bankruptcy, and executives said the relaunch of the company had offered a chance to try to break that negative association for consumers.