General Motors, who was forced into bankruptcy earlier this year, announced Friday that they had emerged from bankruptcy much faster than analysts had expected, reported Reuters.
The 40-day bankruptcy was ended, reported Reuters, with the sale of Cadillac and Chevrolet to a new government-backed company.
The Washington Post reported that U.S Bankruptcy Judge Robert E. Gerber wrote in a July 7 ruling that the failure of General Motors would be “staggering” to the U.S. The Washington Post also reported that General Motors employs 225,000 people, has 500,000 retirees, has 6,000 dealers and 11,500 suppliers.
Brands like Saturn, Hummer, Opel and Pontiac, reported the New York Times, are in the process of being sold or closed – creating a smaller company.
After closing thousands of dealers, General Motors will have to play a long game of “catch-up.” Reports for the first six months of 2009 show General Motors only held 20 percent of the automobile industry market, reported the New York Times.