General Motors has got a green signal from the US Court and will come out of bankruptcy that has been bothering the company since June this year.
The company was once the most powerful car maker in the US but was forced into filing bankruptcy for its survival through the bad economic conditions. The US court has agreed to the company’s proposal of restructuring, which would be snapped up, more than 60 percent, by the US government.
The assets of General Motors will be sold to NGMCO, Inc, which is funded by the US Department of Treasury.
A company statement said that in connection with the closing of the sale transaction, NGMCO, Inc. will change its name to General Motors Company and continue to operate under GM's historic corporate and sub brands.
The bankruptcy has not affected the business of GM India. The company has launched an LPG version of the Chevrolet Spark and has plans to launch more cars in the Indian market. This new phase in the company’s growth will give a new hope for GM’s business in India as well as globally.