New GM out of bankruptcy in quick time

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GM has come back into the reckoning with bankruptcy behind it. The new GM has got cleared of its massive burden of debt and is now looking to a brighter and better future.

However, GM still has to face a depressed auto market and clear the government loans in billions which it hopes to do before the 2015 deadline – an ambitious plan indeed. CEO Fritz Henderson said at a press conference, “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.”

The company has gone in for massive restructuring in its higher echelons, hoping to get quick results via decision making, job cuts and becoming more responsive to customer needs. It will focus on the three Cs – customers, cars and culture. This will make it a more consumer friendly company and it hopes that by 2011, it will be able to break even pre-tax in the very least.

Job cuts, dealership reductions and sale of brands have resulted in a leaner GM, fighting fit to take on new challenges. Will it be able to do it? We’ll wait and watch.