A bankruptcy judge has given the go-ahead for General Motors to emerge from Chapter 11 as soon as this week as a smaller, more financially viable business that can no longer blame history, fate or its unions for any failure.
In its new incarnation, GM will have fewer brands, leaner operations, a lower and more realistic break-even point, and a stronger balance sheet unburdened of much of its debt and healthcare obligations.
“There are no second chances after this,” said Peter DeLorenzo, publisher of the Autoextremist.com website. “The newly reconfigured company will have a lot going for it.”
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