General Motors, the name behind the likes of Vauxhall and Saab, will be reborn later today, merely 40 days after filing for bankruptcy in the United States. The giant car and van maker rising from the ashes will be "a new concern that is majority-owned by the US government" (Guardian.co.uk, 10/7/09)
GM's revival under bankruptcy has been even quicker than that of rival Chrysler, which came out of bankruptcy after 42 days, and is faster than analysts inital assessment of nearly three months.
However, the rebirth comes at a price with the car and cheap vans maker expected to announce further job losses totalling nearly 4,000. This is a small fraction of its current workforce of 88,000 in the US and 235,000 worldwide.
