国际英语新闻：General Motors exits bankruptcy

NEW YORK，July 10 (Xinhua) -- General Motors exited bankruptcy on Friday with GM CEO Fritz Henderson promising that the automaker "will work hard to repay the trust and the money that so many have invested in GM."

    "We recognize that we've been given a rare second chance at GM and we are very grateful for that. And we appreciate the fact that we now have the tools to get the job done," Henderson said at a news conference in Detroit.

The automaker completed its 40-day stay under court supervision far faster than expected and will repay 50 billion U.S. dollars in federal loans ahead of a 2015 deadline, said Henderson, who also is GM's president.

The file photo taken on May 30, 2009 shows the exterior of a General Motors (GM) dealer in Michigan, the United States. GM, once the world's largest and most powerful auto maker, exited Chapter 11 protection Friday after a 40-day reorganization July 10, 2009.

    "It's an exciting day for General Motors," Henderson said. "We will work hard to repay the trust and the money that so many have invested in GM."

    The new company arose Friday as the bulk of the the automaker's assets were transferred to a company controlled by the U.S. government.

The file photo taken on April 14, 2009 shows a man looking up at a "GM Next" board at the General Motors (GM) headquarters in Detroit, the United States. GM, once the world's largest and most powerful auto maker, exited Chapter 11 protection Friday after a 40-day reorganization July 10, 2009

Once the world's largest and most powerful automaker, GM is now rid of massive debt and burdensome contracts that would have doomed it without federal loans.

    The U.S. government owns a majority stake in GM but the Obama administration says it has no plans to run the automaker.

    The new GM is going forward with just four brands, Chevrolet, Cadillac, Buick and GMC. It also is cutting another 4,000 white-collar jobs, including 450 top executives.

Chevrolet pick-ups are seen outside a to-be-closed General Motors (GM) dealership in Michigan, the United States in this file photo taken on May 30, 2009. GM, once the world's largest and most powerful auto maker, exited Chapter 11 protection Friday after a 40-day reorganization July 10, 2009

Nick Reilly will be named executive vice president of GM International Operations, which will be based in Shanghai, China.

    Henderson told reporters the new GM will be more customer-oriented. It will initiate a partnership with the online auctioneer eBay for people to buy vehicles on the Internet and will launch more cars and trucks to consumers' tastes at a faster pace.

    The new GM also is launching a "Tell Fritz" web site to improve customer communications.

    "We need to listen to the people who matter most -- the people who own and drive General Motors cars and trucks," Henderson said.

    GM noted that by the end of 2010, it will operate 34 assembly, power train and stamping plants, down from 47 in 2008. Workers for the company across the United States will decline from about 91,000 at the end of 2008 to about 64,000 at the end of this year.

    A new board of directors will be in place by the end of the month, and some executive management changes were expected to be announced later this morning.